Jul 26, 2013 - News Release. For Immediate ... Malakoff has also entered into the Australian Renewable Energy market via
News Release For Immediate Publication MALAKOFF SIGNS FINANCING AGREEMENTS FOR OMAN WATER DESALINATION PLANT PROJECT Company to further boost presence in Middle East region
July 26, 2013, Kuala Lumpur – Malakoff Corporation Berhad (Malakoff), a subsidiary of MMC Corporation Berhad, announced today that it has signed the financing agreements of the 42 million imperial gallons per day (MIGD) (equivalent to 191,000 m3/day) Al Ghubrah independent water desalination project in the Sultanate of Oman.
The project, expected to be completed by October 2014, is being developed by Muscat City Desalination Company SAOC (MCDC), which has successfully obtained financing from the Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU), Sumitomo Mitsui Banking Corporation (SMBC) and Japan Bank for International Cooperation (JBIC).
“We are excited that we have achieved another significant milestone in expanding our presence to position Malakoff as a leading independent water and power producer in the international market,” said Zainal Abidin Jalil, Chief Executive Officer of Malakoff.
“This successful foray into the Oman water desalination business has certainly put Malakoff in a stronger position to pursue more opportunities in the Middle East and North Africa (MENA) region,” he added.
Malakoff’s wholly owned subsidiary, Malakoff International Limited (MIL) successfully led a consortium comprising Sumitomo Corporation of Japan (Sumitomo Corp) and Cadagua S.A. of Spain (Cadagua) to undertake the development and construction of the water production facility. MIL owns 45% of project developer, MCDC with the balance interest held by Sumitomo Corp and Cadagua at 45% and 10% respectively.
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The Al Ghubrah plant will provide over 191,000 cubic meters of fresh water per day over the course of 20 years, which is enough to supply over 800,000 people in the area.
“Our success in winning international competitive bids is testament to our experience and expertise in the water desalination and power sectors, particularly in the MENA region. We are already active in Bahrain, Saudi Arabia, Kuwait and Algeria and we are keen to expand our portfolio further. We are especially pleased to work with Sumitomo and Cadagua as partners for this project and getting the financial support from BTMU, SMBC and JBIC,” said Zainal.
Besides MENA, Malakoff is also making inroads into the fast growing South East Asian markets, supported by its strong domestic presence as Malaysia’s largest independent power producer with a net generating capacity of 5,020 MW from its six power plants. Recently, Malakoff has also entered into the Australian Renewable Energy market via its acquisition of a 50% interest in a 420 MW wind farm in Southern Hemisphere, Australia.
ABOUT MALAKOFF CORPORATION BERHAD
Malakoff is an independent Water and Power Producer (IWPP) with core focus on power generation, water desalination and operations & maintenance services. In Malaysia, Malakoff is the largest IPP with a net generating capacity of 5,020 MW from its six power plants.
International operations include power and water ventures in Saudi Arabia, Algeria, Kuwait, Bahrain and Oman, with a net generating capacity of 480 MW of power and effective water production capacity of 358,550 m3 per day. Malakoff is also actively looking to venture further in the fast growing Middle East and North Africa region as well as the South-East Asian markets.
Malakoff believes in working together with all stakeholders in productive partnerships. As such, the Company takes pride in being a responsible operator and a good corporate citizen in all communities where it operates.
Malakoff Corporation Berhad is a subsidiary of MMC Corporation Berhad.
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