SINGAPORE, Oct 7 - Singapore state investor Temasek Holdings [TEM.UL] said on Tuesday it has begun the divestment process for PowerSeraya, which generates about 28 percent of the city-state's electricity.

PowerSeraya will be the last of three power firms that Temasek is selling as part of Singapore's efforts to liberalise its power-generating sector.

For the year ended March 31, 2008, PowerSeraya had revenues of S$2.79 billion and earnings before interest, tax, depreciation and amortisation of S$355 million.