Panglima Power Sdn Bhd ("Panglima") was incorporated as a private limited company in Malaysia under the Companies Act, 1965 on 1 October 2000.

Panglima’s authorised and issued paid-up share capital are RM5,000,000 comprising 5,000,000 ordinary shares of RM1.00 each.

In 2000, its holding company, Powertek received the approval from the Economic Planning Unit of the Prime Minister’s Department to construct and develop TGPS 2, a 720 MW CCGT power plant.

The construction of the TGPS 2 was undertaken in two phases. The first phase was the 460 MW OCGT power plant which commenced commercial operations on 28 February 2002. The second phase involved the conversion of the OCGT power plant into a 720 MW CCGT power plant which commenced commercial operations on 31 March 2003. The engineering, procurement and construction was undertaken by Siemens Aktiengesellschaft and Siemens Power Generation Asia Pacific Sdn Bhd on a turnkey basis.

Panglima was awarded its Independent Power Producer concession licence on 7 August 2001 for a period of 23 years by the Director General of Electricity Supply on a "build, own and operate" basis in respect of TGPS 2.