TNB Expands International RE Footprint With Singapore’s Sunseap Group

Tenaga Nasional Berhad (TNB) through its wholly-owned subsidiary, TNB Renewables Sdn. Bhd., has entered into a binding term sheet of collaboration with Singapore-based Sunseap Group to tap into the renewable energy (RE) and Corporate Power Purchase Agreement (PPA) market in Singapore.

The collaboration is an important milestone for the expansion of TNB’s international RE
footprint into South East Asia. At present, TNB’s total RE portfolio consists of 2,732.3MW in Malaysia (including 2,536.1MW of large hydro) and 666MW across the UK, Turkey and India comprising mainly solar, wind and hydro energy generation assets.

“This will be TNB’s first foray into Singapore’s RE market and the Group will be well-positioned to tap into the attractive and rapidly growing Corporate PPA segment,” said TNB President and Chief Executive Officer, Datuk Ir. Baharin Din. He disclosed that the collaboration, will among others, target strategic clients such as RE100 companies, multinational corporations, data. This initiative is expected to drive the growth in
clean and green energy demand within the region in the coming years.

“The collaboration is also timely, in anticipation of the tender launch by Singapore’s Energy Market Authority for a trial of the Malaysia-Singapore cross-border energy supply, expected to launch by March 2021.”

In line with Reimagining TNB’s strategy to grow renewable energy capacity under the Future Generation Sources strategic pillar, TNB aims to grow its overall RE portfolio to 8,300MW by 2025 (including large hydro). Baharin described the collaboration as a big step forward towards achieving this goal.

“Following our successful investments in the UK RE businesses through Vortex Solar and
Tenaga Wind Ventures, the collaboration with Sunseap is an important step to continue our ongoing international RE expansion strategy. This collaboration provides a solid regional platform with the capabilities, capacity and network to grow our RE and utility businesses in South East Asia,” he added.

TNB’s partner in this venture, Sunseap, is one of the top solar rooftop companies in South East Asia and the largest solar company in Singapore with a fully integrated solar business including presence in the energy retail segment. It has a net capacity of 1.2GW across 11 markets and more than 200 assets in various stages of development. Sunseap has a track record of securing long-term Corporate PPAs with the likes of big-named clients such as Microsoft and Facebook.