Malaysian Tycoon Francis Yeoh’s YTL Power To Build $597 Million Hydrogen Power Plant In

YTL Power International—controlled by Malaysian tycoon Francis Yeoh and his family—has won the bid to build a 600-megawatt combined cycle gas turbine in Singapore, cementing its position as a major electricity producer in the city-state.

The company will invest S$800 million ($597 million) to develop the hydrogen-ready power plant, which will be built at its existing Pulau Seraya Power Station in western Singapore. The facility is expected to be completed by end-2027, ensuring sufficient electricity supply to meet Singapore’s future energy needs.

“This project is fully in keeping with our commitment to invest for the long-term in low-carbon technologies, infrastructure and advanced energy solutions, enabling us to continue to provide the best outcomes for the benefit of our customers and communities where we operate,” Yeoh Seok Hong, managing director of YTL Power and younger brother YTL group executive chairman Francis Yeoh, said in a statement.

YTL Power, a subsidiary of the Yeoh family’s YTL Corp, entered the Singapore electricity market in 2009 when it bought PowerSeraya from state-linked investment firm Temasek Holdings. YTL PowerSeraya produces 3,100 megawatts of electricity from its facility on Jurong Island. In May 2022, it expanded its capacity with the acquisition of Tuaspring, owner of a 396-megawatt combined cycle gas turbine power station.

With over five decades of experience in the power generation industry, the company produces about 4,800 megawatts of electricity in Singapore, Malaysia and Indonesia. Across the Causeway, YTL Power is building a $3.3 billion dollar solar-powered data center in Johor, about 30 kilometers north of the city-state.

YTL Corp., which also has interests in cement, hotels, property and utilities, was founded in 1955 by Francis’ late father, Yeoh Tiong Lay, who died in 2017. With a net worth of $1.3 billion when the list of Malaysia’s 50 Richest was published in May 2023, Francis and his six siblings are all involved in the family business.

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