Minister: Govt to help sector players get better funding

KUALA LUMPUR: The government will help green technology and renewable energy players to access better funding as financing cost is not cheap for such initiatives and they tend to have long gestation period.

Energy, Science, Technology, Environment and Climate Change Minister Yeo Bee Yin said currently, the industry was not seeing much enthusiasm from the banking institutions for the still-nascent market.

She said loan interest rates were quite high and investors would do better if they could have access to lower loan repayments.

“My team will meet with Bank Negara Malaysia, banking institutions and investment banks next month to discuss this issue,” she said after officiating at the Renewable Energy -Solar Energy Symposium 2018, here, yesterday.

Yeo said she hoped for renewable energy investors to gain easier access to cheaper funding so as to reduce reliance on government subsidies.

“This industry needs to get capital from the private and capital markets to be more competitive in the future,” she said.

Also present were Malaysia-Germany Chamber of Commerce and Industry (MGCC) chief executive officer Daniel Bernbeck and German Ambassador to Malaysia Nikolaus Graf Lambsdorff.

The symposium, organised by MGCC, saw nine experts and solar technologyrelated technology providers share their expertise and experience with Malaysian industry players.

Meanwhile, Yeo said the government would announce a clear policy and legal framework for the renewable energy industry beginning next year.

“At the moment, we are seeking public feedback and will review issues before we lay out this plan for 2019.” she said.