OCBC Bank consortium to fund 30MW PV project in Malaysia

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The PV project is expected to become operational by the second quarter of 2020 under a 21-year power purchase agreement with Tenaga Nasional Berhad. Image: zak zak / Flickr

A consortium led by OCBC Bank is financing a 30MW PV project located in Bukit Keteri, Malaysia. OCBC Bank will serve as the bookrunner and mandated lead arranger of the syndicated project financing.

KBJ HECMY Sdn Bhd,  a joint venture between Hanwha Energy Corporation Singapore Pte Ltd and Konsortium Berseri Jaya Sdn Bhd, will use the proceeds from this funding to help finance the 30MW installation, which will be located in the Malaysian state of Perlis.

Tan Ai Chin, OCBC Bank’s managing director/senior banker, said: “OCBC Bank is committed to the development of renewable energy in Malaysia, in support of the Malaysian government’s target to increase the country’s generation mix from renewable energy to 20% by 2025. Our two-pronged approach is to first cease financing coal-fired power plants and then replace them with greener alternatives such as the LSS plant in Perlis.

“This syndicated green project financing is a testament of our pledge towards financing sustainable developments as we seek to ramp up efforts to increase the percentage of renewable energy projects in our portfolio.’

Hanwha Energy Corporation’s CEO, Du-Hyoung Ryoo, added: “This is our first venture in Malaysia as a solar PV plant developer and we are hopeful the project will be a benchmark for future related LSS plants in the region.”

The PV project is expected to become operational by the second quarter of 2020 under a 21-year power purchase agreement with Tenaga Nasional Berhad.

Read Next

June 28, 2021
Risen Energy will spend MYR42.2bn (US$10.2 billion) over 15 years on a new solar manufacturing plant in Malaysia, representing the Chinese company’s first investment in Southeast Asia.
PV Tech Premium
April 30, 2021
‘Solar Module Super League’ (SMSL) member First Solar has hit a nameplate Series 6 CdTe thin film manufacturing capacity of 7.9GW in the first quarter of 2021, after ramping its second and last converted factory in Malaysia.
April 9, 2021
LONGi Solar will supply its high-efficiency modules to two projects in Malaysia totalling 190MW that were awarded in the third round of country’s large-scale solar tender programme.
April 6, 2021
SunPower is to allow Maxeon Solar to the Performance Series (P Series) p-type mono-Passivated Emitter Rear Cell (PERC) shingled PV modules into the US market as part of a major change to initial manufacturing agreements.
March 25, 2021
Thin-film laser systems equipment supplier LPKF Laser & Electronics suffered from delays in receiving new expected orders from two long-stand customers last year.
March 22, 2021
Malaysia’s installed solar capacity is expected to increase fourfold by 2030, driven by a successful tender policy and improved financing incentives, according to a new report from Fitch Solutions.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK