S'pore Power buys RI plant

S'pore Power buys RI plant

SINGAPORE (Bloomberg): Singapore Power Pte is in the final stages of buying an Indonesian independent power producer plant in the Indonesian province of Sulawesi, the Singapore Business Times reported yesterday.

The purchase of the US$70 million plant is part of plans by the state electricity utility to invest US$200 million a year in overseas projects, especially independent power producers in Southeast Asia in need of capital, the paper quoted Ho Kwon Ping, chairman of Singapore Power as saying.

The Pare Pare plant in Sulawesi is one of 10 independent power producers approved by Indonesia's state-controlled utility, PT Perusahaan Listrik Negara (PLN).

Singapore Power said earlier in the year that it was abandoning plans to invest in electric power development projects in Asia and focusing instead on buying into existing projects that need capital.