IPP PROJECT
The Singapore utility Singapore Power has taken a 25 per cent stake in Ever Power IPP Co, a company which is building a gas-fired power plant in Taiwan, Dow Jones reports. The stake is being taken by the utility’s subsidiary Singapore Power. Taiwan’s Ever Fortune Industrail Co will remain the majority shareholder in the project.
The 960 MWe Ever Power plant is being built in Tao Yuan County, northern Taiwan. It is expected to begin commercial operation in the first quarter of 2000. Singapore Power said that it hopes the capacity of the plant will eventually triple to nearly 3000 MWe.
Singapore Power’s investment in Ever Power follows closely on an announcement that the company is to acquire a 51 per cent stake in three Chinese power stations operated by Asia Pulp and Paper. The latter is controlled by the Indonesian Widjaja family. Members of the family were recently forced to form the management of PT Bank International Indonesia after failing a central-bank mandated ethics evaluation.