,“We are in the midst of reaching closure on some of our acquisition deals that we are currently pursuing aggressively,’’ TNB chief international officer Shahazwan Harris (pic) said.
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PETALING JAYA: Tenaga Nasional Bhd (TNB) is expected to reveal details of its long-term sustainability blueprint later this week and hopes to acquire some new cross-border renewable energy (RE) assets before year-end.
The powerhouse is pushing forth its environmental, social and governance (ESG) agenda and views its international business as a key growth area since the domestic power market is relatively small and totally electrified.
“We are in the midst of reaching closure on some of our acquisition deals that we are currently pursuing aggressively,’’ TNB chief international officer Shahazwan Harris said.
Without elaborating on the deals, he said “we are optimistic that we can end 2021 with a few good wins in Britain, Europe and South-East Asia. These wins will be important for TNB to achieve our RE target of 8,300 megawatts (MW) by 2025.’’
This will also help contribute towards the government’s own target of having 31% of the country’s electricity generation mix from renewable sources by 2025.
He said some of the “assets to be acquired (are) via competitive bidding, in which we are actively participating as well”.Last month, TNB set up Vantage RE Ltd, an RE investment and asset-management company based in London. The idea is to own, operate and manage a portfolio of RE assets in Britain and throughout Europe.
Last month, it set up Vantage RE Ltd, an RE investment and asset-management company based in London. The idea is to own, operate and manage a portfolio of RE assets in Britain and throughout Europe.
It had also injected its existing RE assets in Britain (Vortex Solar and Tenaga Wind Ventures) into Vantage RE.
TNB has since established a strategic partnership with Singapore’s Sunseap Group for solar development in Vietnam and the cross-border supply of RE to Singapore’s corporate RE100 customers.
“We realise acquisitions, especially cross-border, are the fastest way for us to achieve size and growth. It also allows us to acquire resources, capabilities, knowledge and technology, especially if these acquisitions are done right,’’ Shahazwan said.
Besides asset purchases, TNB is open to exploring opportunities with strategic investors/partners who are keen to invest in the RE business, as it is not only a good cash yielding platform but also meets the sustainability ESG criteria TNB has set.