(SeeNews) - Jul 29, 2014 - Malaysia’s utility group Tenaga Nasional Bhd (OTCMKTS:TNABY) said Friday it has entered into an agreement to acquire a stake in a 35-MW hybrid wind and solar scheme in Sri Lanka.
The agreement envisages that Tenaga buys an interest in a subsidiary of Malaysian renewable energy producer KLS Energy Sdn Bhd. The target is a holding company of the project developer, KLS Energy Lanka Ptd Ltd. The companies did not reveal any financial details of the purchase.
Sri Lanka-based KLS Energy Lanka was granted 20 year concession by the Ceylon Electricity Board to develop and operate the facility. The wind-solar scheme will be stationed in the Sri Lanka’s district of Jaffna.
The next step towards the acquisition is entering into a definitive agreement, depending on the outcome of the due diligence report and several other conditions.