The acquisition of Globeleq’s power plant assets, which have a gross installed capacity of 1,810MW, was completed at a final purchase consideration of $528 million.

The company said that the acquisition, which was made with its 45% consortium partner Saudi-based Aljomaih Automotive Company, was concluded upon obtaining the requisite approvals from the lenders to the various project companies involved.

The consortium simultaneously completed the acquisition of the remaining 24% equity interest in Globeleq Bangladesh, which was held by IDB Infrastructure Fund, for a total cash consideration of $43.5 million.

Dato Robert Cheim Dau Meng, chairman of Tanjong, said: These acquisitions will enable the group to further expand its position in Egypt and establish a strategic presence in the growing economies of south Asia.