Petronas and NRG Plan Project Finance
Published: Jul 25 2011
Gas Berhad (PGB), a Malaysian based natural gas company, and NRG
Energy, Inc. (NRG), a US based power generation company, plans project
financing of MYR1,200m ($383.61m) for the construction and development
of Kimanis combined cycle gas fired power plant project in Borneo,
Sabah state, Malaysia.
total project cost is estimated to be MYR1,500m ($479.52m) and will
have a total installed capacity of 300 MW. The investment per MW will
be approximately $1.60m. The plant will be constructed across 21,000
meters square by Kimanis Power, a 60:40 joint venture company formed
between PGB and NRG. In December 2010, Kimanis Power signed a
contractual service agreement with GE Power Systems Malaysia and GE
Energy Parts International for the project.
electricity generated from the project will be supplied to the state of
Sabah. The engineering, procurement, construction and commissioning
(EPCC) contract for the project was awarded to a consortium comprising
CTCI, CTCI Malaysia, Synerlitz and SCHB Engineering. The construction
of the power plant is expected to complete by the end of 2013.
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