Singapore sells power plant to China

Singapore, Mar 16: Singapore investment company Temasek Holdings has sold Tuas Power Ltd, the first of three electricity generating companies on the island state that the government is divesting, to China's Huaneng Group for 4.2 billion Singapore dollars.

Temasek is also planning to sell the remaining two companies - Power Seraya and Senoko - by the first half of 2009, according to a report by the Channel News Asia. Temasek has signed a share purchase agreement with SinoSing Power Pvt Ltd, a wholly-owned subsidiary of China Huaneng Group, for the purchase of Tuas Power Ltd. Bidding for Tuas Power was held last October and attracted international electricity companies. The Hong Kong-listed Huaneng Power is an established player in the power business.

UNI