SINGAPORE – YTL Power International has completed its acquisition of Hyflux’s Tuaspring power station.
In a statement on Wednesday (June 1), the international utility group said its wholly owned subsidiary, YTL PowerSeraya, had completed the purchase at $270 million in cash.
It noted that the original purchase consideration was $331.45 million, which was to be settled by a combination of cash, shares and shareholder loans in the holding company of YTL PowerSeraya.
YTL Power managing director Yeoh Seok Hong said: “Tuaspring’s combined cycle power station complements the group’s existing power generation assets in Singapore, creating significant synergies across our portfolio of utility businesses.
“The Tuaspring plant is one of the most technologically advanced assets on Singapore’s power generation grid and this was a sound opportunity to acquire a well-structured, operating asset with a proven operational track record, enabling us to consolidate our power generation capacity in Singapore”.
The power station was commissioned in 2016 and was originally constructed as part of a desalination project under a private-public partnership project between national water agency PUB and Hyflux.
The desalination plant was subsequently taken over by PUB in 2019 to safeguard Singapore’s water supply after the agency found that Hyflux’s financial position was untenable.
