MN Holdings And Founder Energy Enter Joint Venture For Solar PV Systems At TNB Facilities

MN Holdings Berhad (MNHB) has announced a new joint venture between its wholly-owned subsidiary, MN Power Transmission Sdn Bhd (MNPTSB), and Founder Energy Sdn Bhd (FESB). The agreement, finalized on August 9, 2024, aims to submit a tender for a significant solar photovoltaic (PV) project with Tenaga National Berhad (TNB).

The joint venture will focus on designing, supplying, installing, and commissioning both rooftop and building-integrated PV systems at TNB’s facilities on Tioman Island. The partnership outlines that MNPTSB will handle 20% of the project’s responsibilities, with FESB managing the remaining 80%. MNPTSB will lead the venture and oversee the project’s execution.

The project involves the installation of solar photovoltaic (PV) systems at Tenaga Nasional Berhad’s (TNB) facilities on Tioman Island. To finance this initiative, the funding will be sourced through a combination of internal funds and external borrowing.

A substantial portion of the project’s costs will be covered by internal resources, ensuring a solid financial foundation while leveraging additional external funding to support the overall investment.