TNB to buy stake in 1MDB’s coal power plant
The government chose not to go with an open tender because the project has already been delayed and TNB can do it fast, says minister.
(Free Malaysia Today) – Tenaga Nasional Berhad (TNB) will buy over 1Malaysia Development Berhad’s (1MDB) 70% stake in Project 3B coal power plant, Energy, Green Technology and Water Minister Maximus Ongkili said today.
Ongkili did not disclose the amount TNB would be paying for the stake, held by 1MDB’s energy arm, Edra Global Energy Bhd.
“It’s on a willing-buyer-willing-seller basis. TNB requested that they would like to take over the project,” Malaysian Insider quoted Ongkili as telling reporters at Parliament lobby today.
Ongkili said the government chose not to go with an open tender because the project was delayed and TNB could do it “fast and at an acceptable rate.”
“They have requested a small revision to the tariff because it is six months late and the exchange rate too has changed since then,” he said.
