Genting Group to acquire stake in Zhejiang power plant
The company will increase its installed capacity.
Malaysia.- Genting Berhad has announced through a company filing it has acquired 49 per cent of equity shares in SDIC Jineng (ZhouShan) Gas Power Generation for RMB100m (US$14m). The group says the plant will use the most efficient gas turbine in the world and is expected to be operational by Q4 2025.
The company estimates that an additional investment of approximately RMB328m (US$46m) will be required to achieve the target commercial operation. The full investment of RMB428m (US$60m) will be financed with internally generated funds.
See also: Genting Malaysia issues US$84.7m in medium-term notes
Established in 1989, Genting Group’s power division has several projects. SDIC Power, under China’s State Development and Investment Group in China, is a key partner in the venture.
The companies have a partnership going back to 2013 and are joint venture partners in SDIC Genting Meizhou Wan Electric Power Company, which owns two phases of coal-fired power plants in Meizhou Wan, Fujian, China, a 660mw supercritical coal-fired power plant in Banten Province, West Jawa, Indonesia and the 100mw Dongwu Cha Solar Plant in Fujian, which is scheduled to be in operation in early 2025.
See also: Genting Malaysia posts net profit of US$7.8m for Q1
