Sarawak Energy completes Bakun HEP acquisition

Sarawak Energy Bhd’s share purchase of Sarawak Hidro Sdn Bhd (SHSB) was completed yesterday with the signing and close-out of items detailed in the share sale agreement (SSA).

Following this, Sarawak Energy will assume control of SHSB, the owner and operator of the Bakun Hydro-electric Plant (HEP).

Sarawak Energy group CEO Sharbini Suhaili in a press statement announced that Sarawak Energy now owns the 2,400MW Bakun HEP, the largest hydropower plant in the country.

“This will enable us to consolidate power production, and have full ownership and operations of all major electricity generation facilities in Sarawak,” he said.

He added that Sarawak Energy was grateful to the state government for its continuing trust in Sarawak Energy to deliver the strategy to develop and consolidate Sarawak’s energy resources.

The SSA to acquire Bakun HEP for RM2.5 billion was completed at SHSB’s office in Selangor yesterday in the presence of representatives from all parties involved.

Following the completion of the SSA, SEB Power Sdn Bhd — a wholly owned subsidiary of Sarawak Energy — acquired 100% of shares in SHSB from the Ministry of Finance (MoF) and the Federal Land Commissioner.

The MoF will maintain the current letter of undertaking and government guarantee on SHSB’s existing debts. The acquisition is being funded through a mix of Sarawak Energy’s internally generated funds and sukuk financing.

Sarawak Energy is a wholly state-owned energy development company and power utility, and employs a workforce of over 4,600 Sarawakians.

Sarawak Energy’s mission is to achieve sustainable growth and prosperity for the state by meeting the region’s need for reliable, renewable energy. — Bernama