TNB expands renewables footprint into Singapore
Teams up with solar power specialist Sunseap Group, eyes corporate PPA segment
PETALING JAYA: Tenaga Nasional Bhd (TNB), through wholly owned subsidiary TNB Renewables Sdn Bhd, has entered into a binding term sheet of collaboration with Singapore-based Sunseap Group to tap into the renewable energy (RE) and corporate power purchase agreement (PPA) market in Singapore.
Sunseap is one of the top solar rooftop companies in Southeast Asia and the largest solar company in Singapore with a fully integrated solar business including presence in the energy retail segment. It has a net capacity of 1.2GW across 11 markets and more than 200 assets in various stages of development.
The group said the collaboration is an important milestone for the expansion of TNB’s international RE footprint into Southeast Asia. At present, TNB’s total RE portfolio consists of 2,732.3MW in Malaysia (including 2,536.1MW of large hydro) and 666MW across the UK, Turkey and India comprising mainly solar, wind and hydro energy generation assets.
“This will be TNB’s first foray into Singapore’s RE market and the group will be well positioned to tap into the attractive and rapidly growing corporate PPA segment,” said TNB president and CEO Datuk Baharin Din in a statement.
He disclosed that the collaboration, will among others, target strategic clients such as RE100 companies, multinational corporations, data. This initiative is expected to drive the growth in clean and green energy demand within the region in the coming years.
“The collaboration is also timely, in anticipation of the tender launch by Singapore’s Energy Market Authority for a trial of the Malaysia-Singapore crossborder energy supply, expected to launch by March 2021.”
In line with Reimagining TNB’s strategy to grow renewable energy capacity under the Future Generation Sources strategic pillar, TNB aims to grow its overall RE portfolio to 8,300MW by 2025 (including large hydro).
“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. This collaboration provides a solid regional platform with the capabilities, capacity and network to grow our RE and utility businesses in South East Asia,” he added.
RE100 is an initiative bringing together the world’s most influential companies committed to 100% renewable electricity.