Malaysian energy group 1Malaysia Development Berhad (1MDB) has executed a Share Sale and Purchase Agreement with China General Nuclear Power Corporation (CGN) for the sale of its entire interest in Edra Global Energy for RM9.83bn (US$2.3bn). The sale will help 1MDB pare back its US$11bn debt file. The transaction is expected to be completed in February 2016.
The sale includes Edra Solar, Edra Energy, Powertek Energy, Jimah Teknik, Jimah O&M, Mastika Lagenda and Tiara Tanah. Edra Energy is one of South East Asia’s leading international independent power producers with a portfolio of 15 power and desalination plants in five countries. The company is the second largest independent power producer in Malaysia, and one of the largest in Egypt and Bangladesh, with additional operations in Pakistan and the United Arab Emirates. In total, Edra Energy manages a gross installed capacity of 6,619 MW with an effective capacity of approximately 5,594 MW.
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