KUALA LUMPUR: Tenaga Nasional Bhd has completed the divestment of its 100% stake in subsidiary TNB Power Daharki Ltd to AsiaPak Investments Ltd for a total consideration of US$54.5mil (RM229.6mil).

       TNB Power Daharki is the holding company of TNB Liberty Power Ltd, which owns and operates a 235MW combined-cycle gas turbine power plant that was commissioned in 2001, with a power purchase agreement expiring in September 2016.

       The assets, located in Sindh province in Pakistan, was one of Tenaga's first international ventures.

       In a statement, Tenaga said the divestment is another significant step in its strategy to streamline its international portfolio by prioritising growth of renewable energy in its focus markets such as the UK, Europe an Southeast Asia.

       It added that the sale also stems from its initiatives to seek monetisation options for its assets in non-focus markets and redeploy the proceeds into growing its overall renewable energy portfolio.

       “The divestment of TPD and LPL manifests one of the planned strategic initiatives for TNB to focus on its growth markets while delivering on its global Environmental, Social and Governance (ESG) vision,” said Tenaga president and CEO Datuk Baharin Din.

       He said the divestment is a demonstration of its resilience and drive to preserve the value of its investments, and aid in its transition towards a new energy future of low-carbon generation consistent with its Sustainability Pathway and overall ESG vision.

       Tenaga's Sustainability Pathway is a blueprint with an aspiration to achieve net zero emissions by 2050, underpinned by its commitment to reduce 35% of Tenaga's emissions intensity as well as 50% of it coal generation capacity by 2035.

       Meanwhile, AsiaPak CEO Shaheryar Chrishty said it is confident that Tenaga's stewardship over Liberty Power has preserved the quality of its operational performance and benefited all its stakeholders.