KUALA LUMPUR (Jan 29): YTL PowerSeraya Pte Ltd, a wholly owned subsidiary of YTL Power International Bhd, won the right to build, own and operate a hydrogen-ready combined cycle gas turbine (CCGT) unit with a capacity of at least 600 Megawatts (MW) in Singapore.

This follows a request for proposal (RFP) called by the Energy Market Authority (EMA) of Singapore in July 2023. According to the EMA, YTL PowerSeraya’s proposal was selected out of four submissions for the RFP.

The power plant is estimated to cost S$800 million (approximately RM2.82 billion) and is targeted to be completed by Dec 31, 2027.

“We are honoured to be awarded the first RFP and be entrusted with the responsibility of constructing the hydrogen-ready CCGT at Pulau Seraya Power Station (PSPS),” said John Ng, YTL PowerSeraya chief executive executive (CEO) in a statement announcing the award on Monday.

According to YTL Power, the CCGT will be at least 30% volume hydrogen-ready, with the ability to be retrofitted to become operationally 100% hydrogen-ready in the future, aiding in Singapore’s long-term net zero emissions aspirations by 2050.

“This project is fully in keeping with our commitment to invest for the long term in low-carbon technologies, infrastructure and advanced energy solutions, enabling us to continue to provide the best outcomes for the benefit of our customers and the communities where we operate in.

“We are gratified by the faith and confidence placed in YTL PowerSeraya to build for the future and deliver this pioneering project in Singapore,” said YTL Power International managing director Datuk Seri Yeoh Seok Hong in the statement.

YTL PowerSeraya’s power generation business has a licensed generating capacity of 3,100MW, known as the Jurong Power Station.

In June 2022, YTL PowerSeraya completed the acquisition of Tuaspring Pte Ltd’s 396MW CCGT power plant, with a cash consideration of S$270 million (approximately RM952.94 million).

Shares of YTL Power on Bursa Malaysia were down two sen or 0.50% to close at RM3.95 on Monday, valuing the group at RM32.22 billion. Year to date, the counter has risen by 53.7%, from RM2.57 at the start of the year.