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.