KUALA LUMPUR, Sept 4 — The consortium building a submarine transmission line in Sarawak in Borneo will issue the first tranche of a RM10 billion bonds programme next year, a member of the consortium said today.
“I can confirm that Tenaga and the consortium members will raise about 10 billion ringgit,” said Che Khalib Mohamad Noh, chief executive officer of Tenaga Nasional, Malaysia’s biggest power producer and consortium member.
Top deal maker CIMB is the lead arranger of the bond issue, he told Reuters.
The cable project involves laying a 730km high-voltage direct current (HVDC) transmission line and a 670km undersea cable for the 2,400-megawatt Bakun hydroelectric dam.
Che Khalib told Reuters in an interview in April that financing for the project will be spread out because the dam will be built over seven years.
Other members of the consortium are Sarawak Energy Bhd and the Ministry of Finance. — Reuters
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How do you ensure security of 670 km of power cables with much of it lying in international waters?
If power grids of Peninsula Malaysia and Sarawak are so intimately linked, it will not take much to bring the whole grid down by disrupting the underwater cable.
Another foolish project, similar to the bridge across the Malacca Straits.