Sarawak made first payment for full ownership of Bakun hydroelectric dam

Bakun hydroelectric dam.

Bakun hydroelectric dam is officially belong to Sarawak, now that its had paid the first installment of the total RM8.1 billion price tag for full ownership of the hydroelectric dam to Federal Government.

“The ownership of Bakun has been finalized after we paid first installment recently,” said Sarawak Chief Minister Datuk Amar Abang Johari Tun Openg at the State Legislative Assembly in Kuching yesterday.

However, the Chief Minister said, the official hand over ceremony will be done after Hari Raya. It was reported recently, Sarawak would pay the acquisition with RM2.5 billion cash and RM5.6 billion debt.

Sarawak Energy Berhad (SEB) had paid Sarawak Hidro Sdn. Bhd RM2.5 billion for it entire stake in the hydroelectric dam project via internally-sourced funding.

Batang Ai hydroelectric dam. (Pix. Marsha Himelberg)

Abang Johari confident the acquisition is commercially viable and that the hydroelectric dam cash flow will be sufficient to repay the remaining RM5.6 billion debt its owes the Federal Government.

“Once the debts are paid, the Bakun Dam will become another source of income for the State Government,” he said.

He said having full control over the Bakun, will facilitate State Government development plan for the area and will have broader social-economic benefits – tourism, aquaculture, community development and conservation.

Sarawak currently has three hydroelectric dams – Batang Ai, Murum and Bakun with combined capacity of more than 3,000MW.

Baleh hydro dam is expected to be ready by 2025 and the four hydro-dams will capable of generating more than 4,000MW electricity to power energy intensive factories operating at Samalaju industrial park.

Murum hydroelectric dam.

[ via The Borneo Post ]