Singapore Power invests overseas
Singapore Power through its subsidiary, Singapore Power International (SPI) has made acquisitions in Taiwan and China.
In Taiwan SPI has acquired a 25 per cent stake in independent power producer, EverPower, for $207m. Marubeni Corp. also holds a 24.7 per cent stake in the company.
EverPower owns and operates natural gas fired combined cycle plant located in Tao Yuan County in Northern Taiwan. The 960 MW plant will begin commercial operation in the first quarter of 2000. When commissioned, it will be the first IPP involving sovereign participation.
Meanwhile in China, SPI has agreed to buy Asia Pulp & Paper`s (APP) China cogeneration plants. The purchase of the three plants will mean SPI has investment interests in 16 generation facilities with a gross capacity of 2653 MW. SPI`s net interest in these generating assets is 774 MW.
This latest investment is SP`s biggest overseas investment to-date. SPI has been active in China since 1996. Since then it has invested more than $380m in the Chinese market, making it one of the largest foreign investors in this market.