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 Business

TNB secures RM144 mln financing for second solar project

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11th January, 2019

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) has secured RM144 million in financing for its second large-scale solar (LSS) project in Bukit Selambau, Kuala Muda, Kedah.

TNB’s wholly-owned subsidiary, TNB Bukit Selambau Solar Sdn Bhd (TBSS), together with MUFG Bank (Malaysia) Bhd recently achieved financial close for financing the project.

In a statement on Thursday, TNB said the bank would provide funding and working capital requirements for the LSS project up to RM144 million.

TBSS, set up as a special purpose vehicle to undertake the LSS in Kuala Muda, Kedah, was awarded the project by the Energy Commission through a competitive bidding exercise.

TNB and TBSS, in March 2018, inked a 21-year power purchase agreement for the project scheduled to be completed in the fourth quarter of 2020.

“This LSS has a generation capacity of 30 megawatt (MW) with a DC installed capacity of 45 megawatt peak (MWp). The national utility corporation’s first LSS in Kuala Langat, Selangor, currently in operation, has a generation capacity of 50MW with a DC installed capacity of 78MWp.

“Both LSS project reinforces TNB’s aspiration and commitment towards the growth of renewable energy (RE) in the country,” it said.

The Energy, Science, Technology, Environment and Climate Change Ministry has set a target that 20 per cent of the country’s electricity must be generated from renewable sources by 2030, an increase from the current two per cent.

   
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