Malaysian electric utility Tenaga Nasional has signed three contracts for a MYR2.47bn ($810m) gas-fired power plant in the northern state of Penang.

The three agreements comprise EPC contract for the Prai Power Plant with Samsung Engineering & Construction Malaysia, a 20-year long-term service agreement with Siemens, and an operation and maintenance agreement.

Tenaga Nasional president and CEO Datuk Wira Azman stated that the 1,071MW gas-fired power plant will follow emission limits set by the World Bank, with efficiency value of over 60%.

Commenting on the first collaboration with Samsung, Azman said the latest EPC contract includes a structured technology transfer package.

"With strong expertise and background on construction from Samsung Engineering, today will mark possible future collaboration for power utility ventures locally and abroad," Azman added.

Located in Seberang Prai, the gas-fired combined cycle power generating station is slated to be completed by the end of 2015.