OCBC Bank consortium to fund 30MW PV project in Malaysia

Facebook
Twitter
LinkedIn
Reddit
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

October 26, 2022
ib vogt has reached commercial operation (COD) of its 116MWp Coara Marang Solar Project in Malaysia, which has a 21-year power purchase agreement (PPA) in place with Tenaga Nasional Berhad, Malaysia’s largest electricity utility.
September 21, 2022
A new consortium has been formed in Queensland with a MOU to build a green ammonia corridor between Australia and Korea.
PV Tech Premium
September 9, 2022
As Singapore battles the need to decarbonise without the land availability to establish sufficient large-scale renewables plants, Jules Scully looks at prospective power import projects and the consortiums behind them.
July 12, 2022
Trina Solar will build a 71MW floating PV (FPV) project in the Malaysian state of Sarawak after winning a tender held by the state’s utility, Sarawak Energy.
July 1, 2022
Hanwha Qcells’ power plant division Q ENERGY Europe has teamed up with newly rebranded Q ENERGY France to establish umbrella company Q ENERGY Solutions SE as it seeks to deepen its ties to the European market where it has a 12GW development portfolio.
June 17, 2022
Chinese module manufacturer JinkoSolar has powered its first overseas factory with renewables only in Malaysia.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 29, 2022
Malaga, Spain
Solar Media Events
February 22, 2023
Leonardo Royal Hotel London Tower Bridge
Solar Media Events
March 14, 2023
Berlin, Germany
Solar Media Events
March 21, 2023
Lisbon, Portugal
Solar Media Events
June 6, 2023
Napa, USA