TNB expands international RE footprint with Singapore's Sunseap Group

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) through its wholly-owned subsidiary, TNB Renewables Sdn Bhd has entered into a binding term sheet of collaboration with Sunseap Group to tap into the renewable energy (RE) and corporate power purchase agreement (PPA) market in Singapore.

Its president and chief executive officer Datuk Baharin Din said the collaboration with the Singapore-based company is an important milestone for the expansion of TNB's international RE footprint into Southeast Asia.

"This will be TNB's first foray into Singapore's RE market and the group would be well-positioned to tap into the attractive and rapidly growing corporate PPA segment.

"The collaboration is also timely, in anticipation of the tender launch by Singapore's Energy Market Authority for a trial of the Malaysia-Singapore cross-border energy supply, expected to launch by March 2021," he said in a filing with Bursa Malaysia, today.

He said the partnership with Sunseap, which is one of the top solar rooftop companies in Southeast Asia would target strategic clients such as RE100 companies, multinational corporations and data, to drive growth in clean and green energy demand within the region in the coming years.

To date, TNB's total RE portfolio consists of 2,732.3MW in Malaysia and 666MW across the United Kingdom (UK), Turkey and India comprising mainly solar, wind and hydro energy generation assets.

"Following our successful investments in the UK RE businesses through Vortex Solar and Tenaga Wind Ventures, the collaboration with Sunseap is an important step to continue our ongoing international RE expansion strategy," Baharin said.

He said the collaboration also provides a solid regional platform with the capabilities, capacity and network to grow TNB's RE and utility businesses in South East Asia.

TNB aims to grow its overall RE portfolio to 8,300MW (including large hydro) by 2025.

-- BERNAMA