Intergen’s Island Power $650 Million Singapore Contract with Siemens Consortium

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Researched by Industrial Info Resources (Sugar Land, Texas). Singapore’s Island Power Company, a wholly owned subsidiary of Intergen (Burlington, Massachusetts), has awarded a contract to a consortium led by Siemens Power Generation (NYSE:SI) (Munich, Germany) for a 785 MW power plant on Jurong Island. Samsung Engineering and Construction (OTC:SMSHF) (Seoul, South Korea) is the other member of the consortium.

The power plant will be located on the man-made island in the southwest of the city state, Siemens will supply two SGT5-4000F gas turbines, two air cooled generators, two hear recovery generators, the low voltage electrical systems and the SPPA-T30000 power plant instrumentation and control system. Siemens contract will also cover the performance plant maintenance under a long-term, 12-year service contract. Samsung will perform integration of the Intergen steam turbine generators and will supply main and auxiliary systems and perform civil and assembly work for the project.

The combined-cycle power plant in Singapore will be the first turn-key project to be constructed by Siemens for Intergen. Michael Treading, Island Power Managing Director said, “The signing of the Siemens and Samsung EPC (engineering, procurement & construction) contract signifies the company’s continuing confidence and commitment to Singapore’s long-term strategy for ensuring reliable power supply via a new, liberalized and competitive energy market.”

Siemens share in the $650 million EPC contract will be about $340 million. Intergen reports that the total project investment benefit from the project to Singapore will amount to about $1 billion. Island Power has mandated a consortium of nine international and local banks to provide debt financing for $600 million. The plant is scheduled to start operation in 2009.

Island Power is Singapore’s only wholly independent, privately owned electricity producer and has a generation license permitting it to own and operate up to 800 MW of generation capacity. Intergen, is a global power generation firm with nine power plants representing an equity share of 5,245 MW of production capacity with plants and development projects in UK, Netherlands, Mexico, Philippines, Australia, Singapore and Spain.

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