Tenaga secures financial closure for its first large scale solar project

Malaysia-based utilityTenaga Nasional Bhd (TNB) has achieved the financial closure for its first large scale solar (LSS) project in Malaysia.

Affin Islamic Bank Bhd will be providing funding and working capital requirements for the said project up to MYR339 million (US$79 million).

The project, which is being developed by the national utility corporation's subsidiary TNB Sepang Solar Sdn Bhd, involves a 50 MW solar plant located on a 97 ha site in Mukim Tanjung 12, Kuala Langat, Selangor.

TNB Vice President (Energy Ventures) Datuk Nor Azman Mufti said the project is a boost to TNB’s aspiration in championing renewable energy in Malaysia.

TNB Vice President (Energy Ventures) Datuk Nor Azman Mufti said:

"This project is a boost to TNB’s aspiration in championing renewable energy in Malaysia."

“As many utility companies around the world are shifting towards Renewable Energy (RE), TNB also aspires to be the ASEAN leader in renewable energy by 2025”

Affin Bank Managing Director/Chief Executive Officer, Kamarul Ariffin Mohd Jamil said.

“Affin Bank Group is proud to be partnering with TNB and TSS in embracing the Government’s initiatives to pursue greater energy sustainability project.”

The Solar Power Purchase Agreement  for the project was inked in early March 2017. Under the 21-year PPA, the solar project would supply electricity to TNB, through the national grid from the 50MW (megawatt) LSS beginning its Commercial Operation Date in November 2018.