1MDB wins $3.6B power plant project in Malaysia

Sovereign wealth fund 1Malaysia Development Bhd (1MDB) and partner Mitsui & Co Ltd have won a government tender to build a $3.6 billion power plant, which will help make the fund more attractive to investors ahead of an IPO of its power assets.

The energy commission said 1MDB beat YTL Power International, state firm Tenaga Nasional and Malakoff Corp Bhd – a unit of MMC Corp for the rights to build a 2,000 megawatt coal-fired power plant.