Tenaga Nasional Berhad (TNB), a Malaysian utility company, secured RM339 million (~$79 million) in financing from Affin Islamic Bank Bhd for a 50 MW large-scale solar project in Selangor, Malaysia.
The TNB through its subsidiary TNB Sepang Solar Sdn. Bhd. (TSS) achieved financial closure to finance the project. The project will be spread over 97 hectares in Mukim Tanjung 12, Kuala Langat, Selangor.
The solar power purchase agreement (PPA) was signed in March 2017 between TNB and TSS. The project is expected to begin commercial operation in November 2018 and TNB will also be the off-taker of power from the project under the 21-year PPA. The project was awarded by the Energy Commission through competitive bidding.
The project will be a boost to TNB’s aspiration of championing renewable energy in Malaysia, said Mr. Dato’ Nor Azman Mufti, VP (Energy Ventures) TNB.
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Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications. More articles from Wendy Prabhu.