Genting Power Holdings Limited (“Genting Power”) spearheads the power business of the Group. Its operating assets comprise gas-fired, coal-fired and wind power plants in China and India, with a total net operating capacity of 714 MW.
In China, Genting Power via its indirect subsidiary Fujian Electric (Hong Kong) LDC (“FEHK”), completed on 10 July 2014, the divestment of its 51% interest in Fujian Pacific Electric Company Limited (“FPE”) to State Development & Investment Corporation Power Holdings Co Ltd (“SDIC”), a China state-owned enterprise that has a portfolio of power plants of over 10,000MW. Following the divestment, FEHK has 49% interest in FPE, which owns and operates the 724MW coal-fired Meizhou Wan power plant (Phase 1) in Putian, China.
Genting Power is developing a new 2 x 1,000MW ultra-supercritical coal-fired power plant in Putian with SDIC. This new power plant, when completed in the second half of 2016, will add another 980MW of net attributable capacity to Genting Power’s portfolio.
In India, Genting Power has significant interests in three power plants, namely:
• 30% owned 368MW Lanco Kondapalli power plant (Phase I), 366MW Phase II power plant and a 732MW Phase III power plant that is yet to be commissioned;
• 41.55% owned 113MW Lanco Tanjore power plant in Tamil Nadu and
• 100% owned 91.8MW Jangi wind farm in Gujarat.
In Indonesia, the construction of the 660MW coal-fired power plant in Banten, Java is progressing well and targeting for commercial operations in early 2017. Genting Power continued to recognise revenue and profit on the construction contracts during the ongoing construction period of the Banten power plant in 2014. The power plant will operate on a 25-year power purchase agreement on a build-operate-transfer basis. Its project company, PT Lestari Banten Energi is 95% indirectly owned by Genting Power and 5% owned by a local partner PT Hero Inti Pratama.