Mudajaya
Power International (MPI), a wholly-owned subsidiary of Mudajaya,
acquires a 40% stake in Amihan Energy Corporation (AEC) for Php26.4m
(RM1.9m). AEC is based in the Philippines and was granted a 25-year
exclusive rights by the Department of Environment (DOE) to develop wind
energy resources in Cebu. The venture involves a development of up to
200MW wind energy farm on an 18.2k ha land in phases over the next 5
years with an initial development of up to 50MW.
The
equipment procurement (EP) works and the O&M contract shall be
awarded to a nominee corporation of MPI based on agreed terms. The
balance 60% stake in AEC is held equally by Windelsey Inc and Visayan
Wind Energy Holdings Corp. (BMSB)
This
is positive and marks the group's maiden venture into regional
renewable energy (RE) assets. This move is not a surprise as the group
has been in talks for a potential wind farm project and it is within
management's guidance for 2H13. Progress is still in the early stages as
the venture needs to secure financial closure which is targeted by end
2014. Total development cost for the entire 200MV facility could be
around RM2bn, based on the benchmark development cost of US$3.2m/MW
(c.RM500m for the initial 50MW). This values Mudajaya's equity portion
at c.RM245m based on a 70:30 debt-equity mix. New associate earnings
from this venture should start from FY15 at the earliest.
Source: CIMB Daybreak - 29 October 2013
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