TNB Divests 100% Stake in TNB Power Daharki Ltd to Accelerate Renewable Energy Growth

30/11/2021

Tenaga Nasional Berhad (TNB) has successfully completed the divestment of 100% stake in its wholly owned subsidiary, TNB Power Daharki Ltd (TPD) (which in turn owns 100% stake in TNB Liberty Power Limited (LPL)) to AsiaPak Investments Limited (AsiaPak), a private investment company based in Pakistan and Hong Kong, for a total consideration of USD54.5 million. 

TPD is the holding company of LPL which owns and operates a 235MW combined-cycle gas turbine power plant that was commissioned 20 years ago in 2001, with a power purchase agreement expiring in September 2026. The asset, located in Sindh province, Pakistan, was one of TNB’s first international ventures.

TPD’s divestment, right after the divestment of TNB’s compulsorily convertible debentures in India last August, marks another significant step in TNB’s strategy to streamline its international portfolio by prioritising growth of renewable energy (RE) in TNB’s focus markets such as the United Kingdom (UK), Europe and Southeast Asia (SEA). It also stems from TNB’s initiatives to seek monetisation options for its assets in non-focus markets and redeploy the proceeds into growing TNB’s overall RE portfolio. This strengthens TNB’s shift to widen and deepen its sustainability initiatives by  accelerating international RE business growth which in turn serves as the pathfinder for green technologies that TNB can adopt in Malaysia.

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