China’s CGN buys 1MDB power assets for $2.27b

China General Nuclear Power has agreed to buy the power assets of 1Malaysia Development Berhad’s, or 1MDB, for RM9.83 billion $2.27 billion, the companies said on Monday, bringing much-needed capital to Malaysia's scandal-hit state investment fund.

China General Nuclear Power, or CGN, fought off competition for the assets, known as Edra, from Malaysian utility Tenaga Nasional, helped by cheap funding from Chinese banks and a slide in the value of the Malaysian currency as it seized on the rare chance to buy a platform of power assets spanning five countries.

Edra owns 13 power plants in Malaysia, Egypt, Bangladesh, Pakistan, and the UAE...