Malaysian Billionaire Francis Yeoh’s YTL Power Buys Singapore Gas-Fired Plant For $196.5 Million

YTL Energy Worldwide—managed by Malaysian tycoon Francis Yeoh and his siblings—has accomplished the acquisition of a gas-fired energy plant that was constructed by bankrupt water therapy agency Hyflux.

The Malaysian utility firm stated Wednesday that its Singapore-based unit YTL PowerSeraya paid S$270 million ($196.5 million) to accumulate the 396-megawatt mixed cycle gasoline turbine energy plant from Tuaspring, lower than the unique consideration of S$331.45 million. YTL didn’t elaborate on how the cost was decreased.

“Tuaspring’s mixed cycle energy station enhances the group’s current energy era belongings in Singapore, creating vital synergies throughout our portfolio of utility companies,” Yeoh Seok Hong, managing director of YTL Energy, stated in a press release. “The Tuaspring plant is likely one of the most technologically superior belongings on Singapore’s energy era grid and this was a sound alternative to accumulate a well-structured, working asset with a confirmed operational monitor document, enabling us to consolidate our energy era capability in Singapore.”

The acquisition of the Tuaspring energy plant will enhance YTL Energy’s presence within the Asian monetary hub the place it has a licensed electrical energy producing capability of as much as 3,100 megawatts. The facility plant—which was a part of the desalination plant in-built 2013 by Hyflux in Tuas in western Singapore close to the border to Malaysia—was commissioned in 2016, two years earlier than Hyflux went into chapter 11. In 2019, collectors led by Maybank took over the ability plant, whereas the Singapore authorities assumed operations of the desalination facility.

YTL Energy—which owns energy producing belongings throughout Indonesia, Malaysia and Singapore—has been investing in renewable vitality initiatives which features a photo voltaic farm within the southern Malaysian state of Johor, positioned about 60 kilometers north of Singapore. It additionally operates a water utility within the U.Okay. and holds a controlling curiosity in Malaysian cellular service Sure.

Based in 1993 as considered one of Malaysia’s unbiased energy producers, YTL Energy is a part of YTL Corp., which was established by Francis Yeoh’s late father Yeoh Tiong Lay greater than six many years in the past. The youthful Yeoh helms the household’s international enterprise empire, which has pursuits in cement, utilities, properties and resorts, together with the Ritz Carlton in Kuala Lumpur. With a internet value of $1.25 billion, which he shares together with his siblings, Yeoh, 67, was ranked No. 17 on the listing of Malaysia’s 50 Richest that was revealed in June final 12 months.