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PetGas to raise funds for Kimanis plant
By LEONG HUNG YEE
[email protected]
KUALA LUMPUR: Petronas Gas Bhd (PetGas) wants to raise RM1.2bil to finance its 300MW gas-fired Kimanis power plant in Sabah, through project financing while the balance will be through equity financing.
“The total cost of the power plant is RM1.5bil. We are looking at financing 80% of it through project financing,” chairman Datuk Anuar Ahmad told reporters after its annual general meeting yesterday.
Asked if PetGas had secured the funding, he said it was currently finalising details with both local and foreign banks.
It is understood that PetGas was looking at sukuk bonds or a term loan as options for the 80% of the funding and the balance 20% would be funded via equity.
PetGas also targets to sign a power purchase agreement (PPA) “soon” for the Kimanis plant.
According to analysts, the PPA for Kimanis would be finalised soon, while the regasification service agreement might be signed by end-2011 to be able it to commission the plant in July 2012.
The company had entered into a shareholders agreement with NRG Consortium (Sabah) Sdn Bhd to provide operation and maintenance services for the 300MW power plant. NRG is a wholly-owned unit of Innoprise Corp, which in turn is wholly-owned by Yayasan Sabah. PetGas holds a 60% stake in the joint venture.
The Kimanis power plant will be the largest independent power producer in Sabah. Located at over 21 ha, the first block of the Kimanis power plant is scheduled to be commissioned at end-2013 while the remaining two blocks in 2014 to meet Sabah's increasing electricity demand.
Meanwhile, the company expects its revenue to grow another 10% per annum once its regasification plant in Malacca is completed by July next year.
PetGas managing director/CEO Samsudin Miskon said the regasification plant in Malacca had been progressing well and was on track for completion.
On capital expenditure, he said PetGas had allocated some RM800mil to RM1bil this year for plant rejuvenation, revamp and also the engineering, procurement, construction and commissioning of the Kimanis plant.
Commenting on the listing of Gas Malaysia Sdn Bhd, Anuar said PetGas had approved the listing of Gas Malaysia but no timeframe for the listing had been set. “I think it will be some time this year,” he said.
PetGas has a 20% stake in Gas Malaysia, while MMC Corp Bhd has 41.8%, Tokyo Gas-Mitsui & Co (Holdings) Sdn Bhd 25% and Shapadu Holdings the rest.
