Tadmax Resources Bhd has roped in South Korean utility company Korea Electric Power Corp (Kepco) to joint develop a 1,000MW-1,200MW gasfired power plant in Pulau Indah, Selangor.
This is in compliance with the Energy Commission’s (EC) stipulated timeframe for Tadmax, a property developer, to secure a suitable and active technical partner for the project.
The 1,000MW capacity can generate RM2.5 billion in annual revenue at a 34.5 sen/kWh tariff.
Tadmax invited Tenaga Nasional Bhd to participate in the project in August last year, but the power utility opted to decline the offer in May this year.
Under the joint-developme nt agre eme nt announced yesterday, Tadmax will remain the leading member of the consortium through its project company Tadmax Indah Power Sdn Bhd (TIP).
TIP will undertake the project negotiation and submissions to the EC and government authorities, and liaise with local and international financial providers and project contractors.
Kepco — South Korea’s largest state-owned public utility company with US$147 billion (RM615.93 billion) in assets — will be in charge of the technical reviewing of the plant’s engineering procurement and construction and operations and maintenance.
To ensure the project archives successful financial closing, Kepco will co-develop the funding structure, review financing documents, and provide financial engineering and credit enhancement for the project.
The technical and financial proposals of the project are to be submitted to the EC by Aug 1, 2018.