TEE and Malaysia Solar partner on Southeast Asian PV opportunities

Facebook
Twitter
LinkedIn
Reddit
Email
The proposed JV will be exploring for opportunities in the South-East Asian markets including Malaysia, Thailand, Philippines, Indonesia and Vietnam. Credit: Singapore

Engineering and real estate firm TEE International, part of TEE Group, has formed a joint venture with PV firm Malaysian Solar Resources (MSR) to focus on Singapore solar tenders and explore investment opportunities in Southeast Asia.

TEE and Malaysian Solar will be 51% and 49% shareholders respectively.

Edwin Neo, Head of Infrastructure, TEE International, told PV Tech that the proposed JV will be exploring for opportunities in the Southeast Asian markets including Malaysia, Thailand, Philippines, Indonesia and Vietnam. The JV sees particular potential for growth in Malaysia as industrialization will lead to higher energy demand, potentially spurring renewable energy development. 

Neo added: “For Malaysia, we can readily leverage on MSR's established business presence and network to grow. MSR has developed a strong track record in the market which we feel is advantageous to the JV. The establishment of the JV will allow the team to not only provide development services and support like EPC and O&M, but to also move up the value chain and have direct ownership of the assets.”

TEE Infrastructure aims to expand into the solar sector through the acquisition of brownfield assets and securing of new solar installation tenders in Singapore and the region. According to an Energy Market Authority report, experts estimate solar power to be satisfying 1.5% of Singapore's energy demand, said Neo. Currently 100MW of solar capacity are being installed in Singapore and the EMA hopes for Singapore to meet its established goal of increasing the share of solar energy to 350MW by 2020.

Neo added that the JV hopes to install around 5% to 10% of that capacity. It will be participating in government tenders as well as focusing on the private sector. Last month, Singapore’s National Water Agency announced plans to tender for two floating photovoltaics power plants for a total of 56.7MW.

Managing director of MSR, Dato’ Sri A. H. Ong, added: “TEE’s regional footprint and strong network, combined with our suite of solar solutions and services, opens the door to more investment and tender opportunities in Singapore and around the region.”

Read Next

PV Tech Premium
September 19, 2022
The proliferation of solar requires PV projects to adapt to their grid surroundings, which increasingly entails connecting alongside adjacent technologies, be it energy storage, other renewables or green hydrogen. Amid the growing threat of curtailment, Jules Scully looks at the rise of the ‘solar-plus’ market and the financial models underpinning it.
September 9, 2022
Maxeon Solar Technologies CEO Jeff Waters is stepping down from the role after four years, with the company on the search for a new head.
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.
August 12, 2022
REC Solar and its parent company, Reliance Industries, have ramped up recruitment of staff for its India solar manufacturing plant.
PV Tech Premium
July 29, 2022
Sun Cable, the developer of an installation that bids to transmit renewable electricity from Australia to Singapore, will use proven technologies that have been deployed at projects around the world.
PV Tech Premium
July 22, 2022
Analysts have flagged concerns over a lack of clarity from Indonesia’s government related to power exports, potentially spelling trouble for project developers looking to transmit renewables generation from the country to neighbouring Singapore.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)