PETALING JAYA: Tadmax Resources Bhd today said it had received a letter of notification from the Energy, Science, Technology, Environment and Climate Change Ministry (Mestecc) to proceed with the development of a 1,200 MW combined-cycle gas turbine power plant in Pulau Indah.
In a Bursa filing, the group said the project will be carried out by Tadmax Indah Power Sdn Bhd.
The construction period will be approximately three years, and the plant is expected to be commercially operable Jan 1, 2024.
The parties to the project will be Worldwide Holdings Bhd and Korea Electric Power Corporation, who will have equity interests of 35% and 25% respectively in accordance with the heads of agreement executed on Sept 14, 2018.
“The project will not contribute to the near term profitability of the group as it takes approximately four years before commercial operations commence, but is expected to contribute positively to the earnings of Tadmax upon commencement of commercial operation,” the group said in its filing.
In September last year, Tadmax said it had received approval from the Energy Commission notifying that the government of Malaysia had agreed on Aug 29 for the development of the project to proceed.
However, in February 2019 it had been reported that the development of the project had been terminated by the government, although Tadmax denied the contract had been scrapped.
