Business MirrorPublished on Sunday, 31 March 2013 18:47
THE consortium of First Pacific Co. Ltd. and Meralco Power GenCorp. has formally taken over Singapore’s newest power station.
According to The Business Times on Saturday, FPM Power Holdings is now officially the new owner of the 800-megawatt power plant being constructed on Jurong Island that was formerly controlled by GMR Energy (Singapore) Pte. Ltd.
FPM Power’s $488-million acquisition of GMR Group’s 70-percent stake was completed on March 28. Malaysia’s Petronas still holds the remaining 30 percent of the facility.
Under the agreement announced earlier this month, the Hong Kong-Philippine consortium will inject another $49 million into the power plant that will burn liquefied natural gas.
FPM Power is the first joint venture between First Pacific and Meralco, the Philippines’s biggest power distributor.
GMR Group is an Indian infrastructure company based in Bangalore with interests in airports, power and roads. source
InterAksyon.com
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