Tenaga Nasional Berhad has completed its 100% divestment of TNB Power Daharki Ltd to AsiaPak Investments Limited a private investment company based in Pakistan and Hong Kong, for a total consideration of RM229 Million.
Tenaga Power Daharki is the holding company of LPL which owns and operates a 235MW combined-cycle gas turbine power plant that was commissioned 20 years ago in 2001, with a power purchase agreement expiring in September 2026. The asset, located in Sindh province, Pakistan, was one of TNB’s first international ventures.
The divestment comes right after the divestment of TNB’s compulsorily convertible debentures in India last August, which is in line with the group’s strategy to streamline its international portfolio in prioritising growth of renewable energy. TNB’s focus markets are currently the United Kingdom, Europe, and Southeast Asia. The move also stems from the energy giants’ initiatives to seek monetisation options for its assets in non-focus markets and redeploy the proceeds into growing its RE portfolio.
“The divestment of TPD and LPL manifests one of the planned strategic initiatives for TNB to focus on its growth markets while delivering on its global Environmental, Social and Governance (ESG) vision,” said TNB’s President and Chief Executive Officer (CEO), Datuk Ir. Baharin Din. “We have recently announced our Sustainability Pathway, a blueprint with an aspiration to achieve net zero emissions by 2050″
- Acknowledging the learnings accumulated from the investment and subsequent divestment of TPD and LPL, he said, “We intend to draw upon these learnings for our future greenfield developments in other focus markets.”