KNM obtains financing for a British power station for energy recovery from waste

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KUALA LUMPUR (October 10): KNM Group Bhd has selected Chinese entrepreneur China Western Power Industrial Co Ltd (CWPI) as the long-awaited financier for the first phase of its Green Energy Project power plant in Peterborough, UK.

The Chinese company also won the £ 346 million (RM 1.9 billion) engineering, procurement, construction and commissioning (EPCC) contract by KNM for Phase 1. the biomass waste-to-energy plant, which will have a capacity of 36 MW. , double its initial planned capacity of 18 MW.

This confirms the article by The Edge Financial Daily dated October 10, which announced that KNM would hire a Chinese side as a financier and EPCC contractor for the power plant without KNM giving up any of its 80% stake in the project, citing sources.

Phase 1 is scheduled to begin in the first quarter of 2018 for a period of 37 months, said Lee Swee Eng, CEO of KNM, at the EPCC contract signing ceremony here today.

“The financing of the CWPI [be] payable by KNM over five years under a deferred payment plan, ”said Lee. “Phase 1 will be completed in three years, which gives us two years of operations in advance,” he added.

The Peterborough project – with a planned total capacity of 80 MW – is KNM’s second renewable energy company after the commissioning of its 200,000 liter per day bioethanol production plant in Thailand, in line with its strategy consisting of moving from short-term contractual income to long-term recurring income with renewable energies as the core business by 2019.

At the lunch break, KNM fell 3.45% or 1 sen to 28 sen with 31.86 million shares completed.


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