Shell Commits Its First Offshore Wellhead Platform In Malaysia To Be Powered By Solar And Wind
Sarawak Shell Berhad (SSB), a subsidiary of Royal Dutch Shell plc, announced that it has taken a final investment decision (FID) on the Timi gas development project and, together with its partners PETRONAS Carigali Sdn Bhd and Brunei Energy Exploration, look forward to delivering this for Malaysia. The Timi field is situated approximately 200 kilometres (km) off the coast of Sarawak, in Malaysia. The Timi development features SSB’s first wellhead platform in Malaysia that is powered by a solar and wind hybrid renewable power system. This unmanned platform is approximately 60% lighter than a conventional Tender Assisted Drilling (TAD) wellhead platform. This project also includes the drilling of two wells.
AC Energy To Partner with IB Vogt for 300 MW Solar Projects
Ayala-led AC Energy Corporation (ACEN) is planning to partner with German firm ib vogt for the installation of at least 300 megawatts (MWdc) of solar power projects in the Philippines. The 300 MW installation is an initial target set by the companies in the proposed joint venture deal with AC Energy. AC Energy has been accelerating project developments of wind and solar farm facilities in the country as a part of the 5,000 MW renewable energy capacity. AC Energy stipulated that the executive committee of its board also earmarked capital expenditure (capex) for its two major RE projects in the Philippines – the 288 MW solar project in Buguey and Lal-lo in Cagayan province; and the 275MW expansion of its Gigasol Palauig solar farm venture in Zambales province. The first 63 MW Gigasol Palauig solar facility reached commercial operations in April this year and it is now feeding its generated electricity to the Luzon grid.
Sembcorp Launches Sustainable Financing Framework For Energy Sector
Sembcorp Industries (Sembcorp) announces the launch of Singapore’s first sustainable financing framework for sustainability-linked transactions for the energy sector. The Sembcorp Sustainable Financing Framework lays out Sembcorp’s strategic approach, Key Performance Indicators (KPIs) and Sustainability Performance Targets (SPTs) for its sustainability-linked transactions. Sembcorp may now issue sustainability-linked bonds, sustainability-linked loans or any other sustainability-linked instruments, following the guidelines laid out in the Framework.
With this Framework, Sembcorp further demonstrates its commitment to transforming its portfolio from brown to green and to achieving the sustainability goals it announced in May 2021. The three KPIs identified by Sembcorp in the Framework are greenhouse gas (GHG) emissions intensity, GHG absolute emissions, and gross installed renewable energy capacity. DNV has confirmed in its Second Party Opinion that the KPIs are core, relevant, material and consistent with Sembcorp’s sustainability position and strategy.
Solarvest Undertakes EPC Project To Build 50MW Solar Farm In Perlis, Malaysia
Clean energy specialist Solarvest Holdings Berhad has secured another large-scale solar (“LSS”) project worth RM175 million under the LSS@Mentari program. The new contract was awarded by Classic Solar Farm Sdn. Bhd. for the development of an LSS plant in Chuping, Perlis. The Group will undertake the main engineering, procurement, construction, and commission (“EPCC”) works for the 50 megawatts (MW) solar farm. Inclusive of the latest contract, Solarvest’s new EPCC orders secured from the LSS@Mentari program grew to approximately RM371 million.
AC Energy Aims to Raise US$400 Million in Fixed-for-Life Green Bonds
AC Energy Corporation disclosed that its wholly-owned subsidiary, ACEN Finance Limited, successfully set the terms of its U.S. dollar-denominated senior guaranteed undated fixed-for-life (non-deferrable) green bonds at an aggregate principal amount of US$400.0 million, with a fixed coupon of 4.0% for life with no step-up and no reset, priced at par. The Bonds will be issued by ACEN Finance Limited under its US$1.5-billion medium-term note program, will be guaranteed by ACEN, and will be listed on the Singapore Exchange Securities Trading platform (SGX-ST). On 25 August 2021, the Philippine Securities and Exchange Commission (SEC) confirmed that the Bonds comply with the requirements under the ASEAN Green Bonds Circular and qualify as an ASEAN Green Bond Issuance. Pricing for the bonds was at 4.0%, which was 45 basis points tighter than the initial price guidance. The final order book volume exceeded US$2.0 billion (more than 5 times oversubscribed), attracting a wide range of high-quality investors.