Singapore - The national Singapore investment firm Temasek Holdings has sold Senoko Power to a Japanese consortium for 4 billion Singapore dollars (2.5 billion US dollars), the company announced Friday. The consortium of Lion Power Holdings is headed by Japan's Marubeni Corp and includes GDF Suez of France, The Kansai Electric Power Company, Kyushu Electric Power Company and Japan Bank for International Cooperation.
Temasek announced in 2007 it is selling three local power generation firms and Senoko, the largest energy supplier in Singapore with 3,300 megawatts of capacity, is the second to be sold.
In March Temasek sold Tuas Power to SinoSing Power Pte Ltd, a wholly owned subsidiary of China Huaneng Group, for 4.2 billion Singapore dollars. Temasek's third power generator is Power Seraya.
Lion Power will assume 323 million Singapore dollars of net debt of Senoko Power as of March 31.
Temasek, one of two Singapore government investment vehicles, last month reported a record profit of 18.2 billion Singapore dollars for the year to March, and said its portfolio is valued at 185 billion Singapore dollars.
The transaction is expected to be completed by September 12.
