Ranhill has announced that the consortium consisting of Ranhill Capital Sdn Bhd and Sabah Energy Corporation Sdn Bhd has received a letter of notification from the Energy Commission that they have been selected as the successful bidder for the New Power Generation Capacity Required in Year 2024 for West Coast, Sabah.
The nominal net capacity of the Power Plant is fixed at 100MW; the final commercial operation date is to be no later than 1 March 2026.
EC has also instructed the parties that they have to maintain their effective shareholding in the Project Company for a period of ten years from the date of the LON and the Power Purchase Agreement and Gas Sales Agreement shall be executed no later than seven) days after approval of the final draft or two months from the date of the LON, whichever is later;The
Project involves the design, construct, own, operate and maintain of a 100MW gas-fired Combined-Cycle Gas Turbine power plant on a build, own, operate and transfer basis. The expected COD of the combined cycle facility is by 1 March 2026 with a concession term of 21 years under the power purchase agreement to be executed with Sabah Electricity Sdn Bhd.
Ranhill plans to finance its portion of its investment in the Consortium and the Project through internally generated funds and bank borrowings.
The Project is not expected to have any material impact to the share capital, consolidated earnings, net assets, and substantial shareholders’ shareholding of Ranhill for the financial year ending 31 December 2023. The Project is expected to contribute positively to the future revenue and earnings of Ranhill Group from the financial year ending 31 December 2026 onwards.
