Last Updated July 25, 2011
Malaysian oil and gas firm Petronas Gas (PGB) is finalising details with foreign and local banks to raise a RM1.5bn project finance loan for a gas-fired power plant in Kimanis, Sabah.
PGB is hoping to raise 80% of the RM1.5bn (US$404mn) via project financing, and the remaining 20% through equity financing.
The project is jointly developed with NRG Consortium, the energy arm of Yayasan Sabah, who will provide operation and maintenance services and hold a 40% stake in the venture.
Located over 21 hectares, the 300MW plant will be the largest independent power producer in Sabah and is due for completion at the end of 2013.
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