Sembcorp Industries on Thursday said it will be developing a new multi-utilities centre on Jurong Island that will supply power, steam and demineralised water, among other things, to customers.

The development of the new facility will cost an estimated $900 million, and is expected to be financed through a mix of internal cash resources and external bank borrowings, the company said.

Construction of the centre is expected to commence in the second half of this year, and be fully operational by 2026.

The facility will include a new 600-megawatt hydrogen-ready power plant. Sembcorp Cogen, a wholly owned unit of Sembcorp, has awarded a turnkey contract for the development of the power plant to a consortium comprising Mitsubishi Power Asia-Pacific and Jurong Engineering.

Mitsubishi Power has also been awarded a long-term service agreement for the maintenance of the power plant.

The project is not expected to have any material impact on the earnings per share and net tangible assets per share of Sembcorp for the financial year ending Dec 31.

Source: straitstimes.com