YTL to buy S'pore power unit

YTL to buy S'pore power unit

KUALA LUMPUR (Reuters): Malaysian power firm YTL Power International said on Wednesday it would tie up with Hong Kong's CLP Holdings to bid for at least one power generating plant in Singapore.

"China Light has agreed to bid together with us. We will go in as equal partners in Singapore," YTL Power Managing Director Francis Yeoh told reporters.

CLP Holdings, formerly China Light and Power, has a five percent stake in YTL Power.

Temasek Holdings (Pte) Ltd, the holding company for Singapore government's extensive investments, will auction off three power generating plants worth US$3-4 billion starting later this year, as part of a plan to privatize and deregulate the industry.

The three plants -- Senoko Power Ltd, PowerSeraya Ltd, and Tuas Power Ltd -- have a combined generation capacity of 6,610 megawatts, providing the bulk of the country's power.

Other potential bidders include El Paso Corp, Mirant Corp N] , Tractebel and AES Power, industry sources said.