Marubeni, GDF Suez group to buy Senoko Power

A five-member consortium jointly led by Marubeni and GDF Suez has agreed to buy Singapore's largest power generator, Senoko Power, from government-affiliated Temasek Holdings.

Eric Watkins
Oil Diplomacy Editor

Doris Leblond
OGJ Correspondent

LOS ANGELES and PARIS, Sept. 10 -- A five-member consortium jointly led by Marubeni Corp. and GDF Suez SA has agreed to buy Singapore's largest power generator, Senoko Power Ltd., from government-affiliated Temasek Holdings Pte.

Senoko supplies about 30% of Singapore's electricity needs from 1,945 Mw of natural gas-fired combined-cycle plants, 1,250 Mw of oil-fired steam turbine capacity, and 105 Mw of diesel-fired, open-cycle gas turbine plant.

Temasek sold Tuas Power in March and announced in July that Senoko would become the second company to be privatized and sold in an auction. Temasek is in the process of selling its three Singapore power plants in order to deregulate the industry.

Marubeni and GDF Suez will each hold a 30% stake in the firm. Kansai Electric Power Co. and Kyushu Electric Power Co. each will hold 15%, while Japan Bank for International Cooperation will hold the remaining 10% stake.

GDF Suez's 30% stake reportedly was due to the LNG terminal it is to build, develop, and operate with Singapore's Power Gas. Senoko Power plans to utilize the LNG to be sold by British gas and shipped through the new terminal.

Contact Eric Watkins at hippalus@yahoo.com.

More in General Interest