A PKR lawmaker has urged 1MDB and DuSable Capital Management to come clean on their 50MW solar power plant joint venture project in Kedah, or risk having US President Barrack Obama grilled when he visits Malaysia next week.

"I am still awaiting the reply from 1MDB-DuSable regarding the US$69 million (RM300 million) proceeds that Yurus Private Equity Fund (Yurus PE Fund) earned in less than six months," the party's Kelana Jaya MP Wong Chen said today.

1MDB admitted that the state-owned fund, through its unit 1MDB Synergy Sdn Bhd, had entered into a master joint venture agreement with Yurus PE Fund to develop the solar plant project in April 2014.

The Yurus PE Fund is managed by US-based DuSable, a company owned by Frank White, a chief fundraiser for Obama.

"I hope all the answers to these questions on 1MDB and DuSable can come out before that, so we do not have to approach Obama to ask these embarassing questions," Wong ( photo ) told a press conference at Parliament lobby.

"For the sake of diplomacy, I know the Asean Summit is important and it is about other issues. But I think it is pertinent that we get a clear answer from 1MDB and DuSable so as not to embarrass the US president when he arrives in Malaysia.

"The media knows Obama's chief fundraiser came to Malaysia, got involved in the 1MDB deal and there were fees exchanged. When Obama comes, of course the local reporters would want to know how far the relationship of White with the president goes," he said.

On Nov 11, US-based The Wall Street Journal (WSJ) reported that the investor in Yurus PE Fund was Aabar Investment PJS, a subsidiary of Abu Dhabi sovereign wealth fund, International Petroleum Investment Co (IPIC).

"This is the same IPIC that is currently involved in financing deals of US$3.5 billion to help 1MDB's rationalisation scheme," Wong said.

"The revelation is worrying as it raises questions as to whether the US$69 million deal was done on an arm's length basis.

"I ask 1MDB and DuSable to promptly answer, whether IPIC is the main investor in Yurus PE Fund as reported by WSJ. How much money did DuSable make from the deal?" he asked.

1MDB had announced last year that it had won yet another power project following the signing of a 25-year power purchase agreement (PPA) with Tenaga Nasional Bhd (TNB), the paper reported on April 23, 2014.

In a parliamentary written reply dated Oct 27, the Prime Minister Najib Abdul Razak claimed 1MDB had never signed any joint agreement with DuSable to develop a solar plant in Kedah.

1MDB said it engaged DuSable to help with project development of a utility-scale grid with solar power generation capability for which DuSable Capital was remunerated US$506,000 for costs and expenses.

Proposed IPO

On March 18, 2014, 1MDB received a letter of award from the Energy, Green Technology and Water Ministry which granted it the right to develop multiple utility scale solar photovoltaic power plants, with an aggregate capacity of up to 500MW.

However, 1MDB said it was required, among others, to undertake detailed feasibility studies, execute a PPA, source equity and debt financing and procure other requisite approvals for each individual solar power plant.

DuSable Capital Management was then appointed as the investment adviser to the Yurus PE Fund.

On Oct 2, 2014, as part of the IPO plans of Edra Global Energy Bhd (Edra), 1MDB acquired the entire 49 percent interest of Yurus PE Fund in the Master JVA, for a final amount of US$69 million.

This acquisition ensured that 1MDB and Edra would own 100 percent of the rights to develop the solar power plants, prior to the launch of a proposed IPO of Edra.