1MDB’s role in the energy sector is a strategic one, aimed at supporting a secure and robust energy future for the country.
1MDB owns Tanjong Energy (now known as Powertek Energy Sdn Bhd), a 75% stake in Genting Sanyen Power (now known as Kuala Langat Power Plant or KLPP) and a 75% stake in the coal-powered Jimah Energy.
In February 2014, 1MDB was named as the preferred bidder for Project Track 3B by the Energy Commission. The project will involve the construction and operation of a 2 x 1000MW coal plant on a site adjacent to the Jimah power plant in Negeri Sembilan.
1MDB’s energy subsidiaries are led by experienced management teams with deep industry knowledge and expertise.
1MDB is now the second largest independent power producer in Malaysia, in terms of power generation capacity.
1MDB’s energy subsidiaries currently have a net power generation capacity of 5570MW, with 3080MW in Malaysia and 2490MW overseas.
These developments continue 1MDB’s strategic intent towards more sustainable energy security for Malaysia in the long term, as power availability is critical to maintain investors’ confidence and support the economic growth of the country.
1MDB’s power assets provide a launch pad for 1MDB to play a bigger role in the local and international energy markets, including global expansion when it supports strategic initiatives that will bring long-term benefits to Malaysia.