BPMB inks financing deal for Pulau Indah power plant project

Bank Pembangunan Malaysia Bhd (BPMB) today clinched a deal with Pulau Indah Power Plan Sdn Bhd (PIPP) to co-finance the development of a RM3.3 billion 1,200 MW combined-cycle gas turbine power plant project in Pulau Indah, Selangor.

The deal is for the financing, design, engineering, procurement, construction, installation, testing, commissioning, ownership, operation and maintenance of the power plant by PIPP.

The financing for the power plant will be provided by three financial institutions namely BPMB, Maybank Islamic Bhd (MIB) and United Overseas Bank (Malaysia) Bhd (UOBM) via a fresh commodity murabahah term financing-i facility amounting to RM2.7 billion.

Situated in Klang, Selangor, the project sits on 60 acres of reclaimed land adjacent to the Port Klang Free Zone which lies on the northern bank of Selat Lumut.

The site is accessible by road via Lebuhraya Pulau Indah, Persiaran Masjid Sultan and Jalan Sidang Adnan and is approximately thirty-five kilometres from Klang town.