Petronas Gas plans to raise MYR1.2bn ($400m) to finance the construction of a 300MW gas-fired Kimanis power plant in Sabah, Malaysia.

The loan will fund 80% of the plant construction, while the remaining 20% will be funded through equity.

The plant will be constructed across 21,000m² by Kimanis Power, a 60:40 venture company formed between PGB and NRG Consortium.

Kimanis Power signed a contractual service agreement with the consortium of GE Power Systems Malaysia and GE Energy Parts International in December last year.

The joint venture company has been assigned the engineering, procurement, construction and commissioning contract with a consortium comprising CTCI, CTCI Malaysia, Synerlitz and SCHB Engineering, reports Bernama.

Construction of the power plant is expected to be completed by the end of 2013.