Indian infrastructure investor GMR will acquire Island Power, an electricity project to develop an 800-megawatt combined-cycle natural gas power facility in Jurong Island, Singapore.
GMR is purchasing the 100 percent interest in the project from Dutch-headquartered power producer InterGen. GMR had previously acquired an indirect stake in Island Power through its 50 percent acquisition of InterGen in June last year.
Island Power: under new
GMR’s head of Southeast Asia, Ng Quek Peng. praised the transaction. “Island Power will be GMR’s first and flagship project in Singapore and the Southeast Asia region, and we will be focusing our efforts on making this a success,” he said.
The development of the facility, which is set to bring around S$1.2 billion (€60 million; $83 million) of foreign direct investment to Singapore, is expected to begin by the fourth quarter of 2010, with operations to commence in 2013. At full capacity the plant should generate enough electricity to power more than 750,000 homes.
The deal was carried out by GMR’s Southeast Asia regional headquarters in Singapore, which were officially opened last month.
Earlier this month GMR Infrastructure acquired a stake in Delhi International Airport from IDFC Private Equity in a share swap deal.