Japan’s Marubeni Corporation acquisition 42.86% stake in YTL Jawa Power Holdings BV, which owns a 35% equity interest in Indonesia’s PT Jawa Power. As per report Marubeni paid USD 224 million for YTL Jawa Power stake.

According YTL annoucement’s to Malaysia Stock Exchange, Jawa Power owns a 1,220 MW coal fired power plant at the Paiton Power Generation Complex in the district of Probolinggo, in East Java.

YTL Power acquired its 35% stake in 2004. Right now, Jawa Power supplies power to PT PLN (persero), the Indonesian state owned integrated utility, through a 30 year power purchase agreement. The plant is operated and maintained by PT YTL Jawa Timur, a wholly owned subsidiary of the YTL Power Group.

Mr Yeoh Seok Hong executive director of YTL Power said that “Marubeni is a strong and well respected player in the international utilities market and this collaboration will enable YTL Power and Marubeni to corporate on potential investments and develop future opportunities in the global utilities industry.”

Meanwhile, Mr Masumi Kakinoki chief operating officer at Marubeni’s Power Projects & Infrastructure Division said that through this transaction, Marubeni will build a firm partnership with YTL as a strategic partnet for future development, not only in Asia but also all over the world. Marubeni and YTL will collaboration in multiple areas such as power, water, and transportation for the further growth of Marubeni and YTL as global utility players.

(Sourced from CoalSpot.com)