Tenaga Nasional Bhd (TNB) plans to invest up to RM424.4 million in a joint venture (JV) with IOI Corp Bhd and a consortium of small and medium enterprises (SMEs) to develop a 500 MW solar power project in Bahau, Negeri Sembilan, Malaysia. TNB’s subsidiary, TNB Renewables Sdn Bhd (TRe), has signed a shareholders’ agreement with IOI Corp’s subsidiary, Luminous Aspect Sdn Bhd, and CSP 500MW Sdn Bhd for the project. The JV will operate through a company named Bahau Energy Ventures Sdn Bhd.
The project will include a 500 MWac solar photovoltaic facility and a 250 MW/1,000 MWh battery energy storage system under Malaysia’s Corporate Renewable Energy Supply Scheme. The project will be supported by a long-term renewable energy offtake agreement between TNB and DayOne Data Centres Ltd, a Singapore-headquartered digital infrastructure company.
TRe will hold a 70 per cent stake in the JV, while Luminous Aspect and CSP will hold 25 per cent and 5 per cent, respectively. The JV will have a maximum equity capitalisation of RM606.2 million, with contributions of RM424.4 million from TRe, RM151.5 million from Luminous Aspect and RM30.3 million from CSP. CSP has been established by a consortium of 12 SMEs to participate in the project.