The Malaysian state-owned utility Sarawak Energy Berhad (SEB) has completed the acquisition of the 2,400 MW Bakun dam from the Ministry of Finance and Pesuruhjaya Tanah Persekutuan for Myr 2.5bn (US$584m). Under the framework of the deal, SEB now assumes control of Sarawak Hidro Sdn Bhd (SHSB), the owner and operator of Bakun hydroelectric plant, through its wholly owned subsidiary SEB Power Sdn Bhd. The acquisition was announced as of March 2017 and is being funded through a mix of internal funds and external financing.
The 2,400 MW Bakun hydroelectric power station was completed in 2010, partly commissioned in 2011 and has been fully operational since July 2014. It is located on the Balui river in the Sarawak state (Borneo island, Malaysia).
Earlier in August 2017, SEB also awarded a contract for the construction of the 1,285 MW Baleh hydroelectric plant (Borneo island, malaysia) to a Chinese JV owned by China Gezhouba Group and Untang Jaya. The agreement includes the construction of the dam on the Baleh River in the state of Sarawak and the construction is expected to begin in October 2018.