Gamuda Bhd has inked a joint venture (JV) agreement with Sabah Energy Corporation Sdn Bhd and Kerjaya Kagum Hitech JV Sdn Bhd to form a JV company, UPP Holdings Sdn Bhd.

The purpose of the proposed JV would be to undertake a private finance initiative to develop the Upper Padas Hydroelectric Power Plant in Tenom, Sabah, with a total estimated project cost of RM4 billion, Gamuda said in a filing with Bursa Malaysia today.