KUALA LUMPUR: YTL Power International Bhd has accomplished the acquisition of Tuaspring Pte Ltd’s 396MW mixed cycle gasoline turbine energy plant in Singapore.
In a press release, YTL Power stated the acquisition was finished by means of its wholly-owned subsidiary, YTL PowerSeraya Pte Ltd.
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The authentic buy consideration of S$331.45mil, which was to be settled by way of a mix of money, along with shares and shareholder loans in the holding firm of YTL PowerSeraya, was diminished to a pure money consideration of S$270mil on completion.
Managing director Datuk Yeoh Seok Hong stated Tuaspring’s mixed cycle energy station enhances the group’s present energy technology property in Singapore, creating vital synergies throughout its portfolio of utility companies.
“The Tuaspring plant is one of the most technologically advanced assets on Singapore’s power generation grid and this was a sound opportunity to acquire a well-structured, operating asset with a proven operational track record, enabling us to consolidate our power generation capacity in Singapore,” he stated.
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The energy station was commissioned in 2016 and was initially constructed as half of a desalination undertaking beneath a private-public partnership undertaking with PUB, Singapore’s National Water Agency.
The water desalination plant was subsequently taken over by PUB in 2019, while YTL PowerSeraya has now acquired the facility station.