KUALA LUMPUR (Feb 10): Tenaga Nasional Bhd (TNB) has inked several Memoranda of understanding (MOU) in Thailand, including with the Electricity Generating Authority of Thailand (EGAT), to set up a joint working committee to study interconnection enhancement between Malaysia and Thailand.
Two other MOUs include collaborations between TNB Renewables Sdn Bhd (TRE) and Planet Utility Co Ltd (PU); as well as TNB Power Generation Sdn Bhd (Genco) and B Grimm Power Public Co Ltd (B Grimm), said TNB in a statement on Friday (Feb 10).
"These collaborations are strategic steps to realise key milestones in our responsible Energy Transition plan, and TNB's overall sustainability pathway commitment," said TNB president and CEO Datuk Indera Baharin Din.
“With the International Renewable Energy Agency’s projection of more than 60% of installed generation in 2050 for Asean countries coming from renewable energy (RE), this translates to at least 1,500 GW of generation capacity, in which TNB hopes to extend our participation.”
The MOU between TRE and PU includes exploring potential RE and power generation technology opportunities in Thailand, as well as evaluating strategic options for potential RE investment in floating solar, solar rooftop and ground-mounted solar projects in Thailand, which is expected to contribute positively to TRE’s business growth and market expansion.
Similarly, the MOU between Genco and B Grimm sets out to explore opportunities for collaboration, participation and development of RE power projects within the Southeast Asian region, in addition to investing in mutually selected B Grimm’s sustainable green-field and brown-field power projects in the region.
“Embarking on these projects will support TNB Genco's growth and ESG target, in line with TNB's aspirations to achieve net-zero carbon by 2050,” said TNB.
Additionally, Baharin stated that the interconnection study will facilitate higher integration of RE in Asean and the enhancement of future multilateral power trade in the region, while the collaboration and exploration with Thailand enables more business opportunities regionally and increases the RE capacity of TNB.
The MOU signing was held in tandem with Prime Minister Datuk Seri Anwar Ibrahim’s visit to Bangkok.
TNB’s share price closed 24 sen or 2.52% higher at RM9.77 on Friday (Feb 10), giving it market capitalisation of RM56.12 billion.