KUALA LUMPUR: Kinergy Advancement Bhd
has entered the independent power producer (IPP) space after agreeing to dispose of a 49% stake in JATI Cakerawala Sdn Bhd, its investment vehicle for a proposed full-new built gas turbine power plant, to Thailand’s B.Grimm Power Public company Limited for RM41.52mil.
Kinergy, which has a 51% controlling interest in JATI, says the partnership is tasked with the development of a new Combined-Cycle Gas Turbine (CCGT) power plant. It will benefit from B.Grimm Power’s IPP-scale technical, engineering and operating expertise, said the company in a statement.
The partnership also gives Kinergy a platform for longer-term collaboration with B.Grimm Power.
“B.Grimm’s decision to invest at this early stage
reflects a shared view on the long-term value of the site and the discipline required to develop it properly.
“For Kinergy, this marks a clear step from executing projects for others towards building and owning assets with lasting value,” said Kinergy executive deputy chairman and group managing director Datuk Lai Keng Onn.
