KUALA LUMPUR: Tadmax Resources Bhd will jointly build a power plant in Pulau Indah, Selangor with Worldwide Holdings Bhd and Korea Electric Power Corp (KEPCO).
Tadmax said in a filing to Bursa Malaysia that it had signed a heads of agreement (HOA) with Worldwide and KEPCO) to build 1,000MW–1,200MW combined cycle gas turbine power plant.
The project was subject to the Energy Commission’s prior written approval having been obtained and upon execution of the definitive agreement, it added.
“The HOA is for the collaboration on the overall planning and development in connection with participation of the parties in ensuring the Tadmax Indah Power Sdn Bhd (project company) undertakes the planning, construction, development, commissioning, operation and commercialisation of the project.”
Tadmax will hold a 40 per cent stake in the venture, Worldwide 35 per cent and KEPCO the remaining 25 per cent.
“The parties have agreed that the decision-making mechanism in the company and the equity participation may be varied from time to time depending on the negotiation and finalisation of the definite agreement,” it said.