Saturday September 5, 2009
CIMB lead arranger for Bakun’s RM10b bonds
PETALING JAYA: CIMB Bhd is the lead arranger for the RM10bil bond issue, to be raised on a staggered basis over eight years, for the consortium building the Bakun transmission cable project.
“I can confirm that Tenaga and the consortium members – Sarawak Energy Bhd and the Finance Ministry – will raise about RM10bil,” Tenaga Nasional Bhd (TNB) CEO Datuk Seri Che Khalib Mohamad Noh told Reuters yesterday.
StarBiz reported yesterday that the RM10bil would represent the debt portion while another RM2.5bil would make up the equity portion for the financing that would be raised on a project finance basis. The issuance of the first tranche would commence early next year and the jobs for the 1,000km high voltage direct transmission line and 680km undersea cable were likely to be tendered in the first quarter of next year. The Bakun Dam has a capacity of 2,400 megawatts (MW). By 2015, the first line is expected to be ready for transmission of 800-1,000MW of hydroelectricity to the peninsula. This will be followed by another 800-1,000MW by 2017 when the second line is completed. Over the long term, Sarawak plans to transmit more electricity to the peninsula.
On May 7 last year, TNB told Bursa Malaysia it had signed a heads of agreement with Sarawak Energy whereby the latter would develop electricity generation capacity to supply 3,000MW to TNB from 2017 to 2020 and a further 5,000MW from 2021 to 2030.This will be based on a schedule to be mutually agreed by both parties. The two parties also agreed to jointly collaborate and undertake feasibility studies to determine the inter-connection framework for the long-term power transmission from Sarawak to the peninsula.
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