By G. Sharmila
Tenaga Nasional Bhd (TNB) will take a 20% stake in the consortium that was conditionally awarded the development of Project 4A, a new combined cycle power plant in Johor, according to sources.
KiniBiz was unable to immediately ascertain the shareholding split between the other two consortium members, namely SIPP Energy Sdn Bhd (in which the Sultan of Johor has a 51% stake) and YTL Power International Bhd. However, it is understood that the remaining 80% stake may be split equally between both companies.
On Saturday, the Energy Commission announced that the consortium was given a conditional award of the development of the 1,000 megawatt (MW)–1,400MW power plant. The inclusion of TNB in the consortium came as a surprise to many as it was previously thought that the consortium would only include SIPP and YTL Power.
Prior to the announcement of the award, TNB had bitterly opposed the awarding of projects via direct negotiations. Its union representatives met with top brass from the Energy Commission last week to ascertain if the Energy Commission was indeed awarding projects via competitive bidding or direct negotiations. The union representatives even went as far as to write a letter to the Prime Minister, appealing against the award of power plant projects via direct negotiations.
As of 3.27pm today, TNB was trading 14 sen lower at RM11.98.
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