SINGAPORE – Singapore's state-owned investment company Temasek Holdings said it sold electricity generator PowerSeraya to Malaysia's YTL Power International for 3.8 billion Singapore dollars ($2.5 billion)..

Sabre Energy, a unit of YTL Power International, will pay SG$3.6 billion ($2.4 billion) and assume SG$201 million ($131 million) of PowerSeraya's debt by early 2009, Temasek said in a statement late Tuesday..

Temasek Holdings Pte Ltd. announced last week it canceled the sale of PowerSeraya Ltd. because of poor market conditions..

"After we stopped the tender process last week, YTL Power International put forward an unsolicited proposal which met our requirements," Temasek investment director Gwendel Tung said..

PowerSeraya, which has a capacity of 3,100 megawatts and provides about 28 percent of the city-state's electricity, was the third power plant sold by the government investment company this year..

Temasek sold Senoko Power in September to a consortium led by Japanese brokerage Marubeni Corp for SG$3.65 billion ($2.4 billion) and in March sold Tuas Power Ltd. to power producer China Huaneng Group for SG$4.24 billion ($2.8 billion)..

The three companies generate about 90 percent of Singapore's power..

Temasek said in August that its profit doubled to a record SG$18.2 billion ($11.9 billion) for the year ending March 31, 2008. The investment company's portfolio grew to SG$185 billion ($121 billion).

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