February 28, 2014 / 5:16 AM / 3 years ago

Malaysia's 1MDB wins $3.6 bln power plant project, boosts IPO prospects

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KUALA LUMPUR, Feb 28 (Reuters) - Sovereign wealth fund 1 Malaysia 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 on Friday 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.

A decision on the winning bidder had been delayed after bids came in too close to call.

1MDB, chaired by Prime Minister Najib Razak, is looking to raise up to $2 billion. Sources said earlier at least six investment banks had been shortlisted to make final presentations for the IPO.

$1 = 3.2970 Malaysian ringgit Reporting by Al-Zaquan Amer Hamzah; Writing by Niluksi Koswanage; Editing by Edwina Gibbs

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