KUALA LUMPUR (Aug 9): MN Holdings Bhd (KL:MNHLDG) and a 51%-owned unit of Reservoir Link Energy Bhd (KL:RL) are joining hands to tender for a solar project in Pulau Tioman, which is being taken up by Tenaga Nasional Bhd or TNB (KL:TENAGA).
MN Holdings’ 100%-owned unit MN Power Transmission Sdn Bhd, and Founder Energy Sdn Bhd, which is 51% owned by Reservoir Link, are forming a 20:80 joint venture (JV) to submit a tender for the project, MN Holdings said in a filing.
The filing did not elaborate on the energy generation capacity of the project.
Pulau Tioman has four solar photovoltaic systems with total capacity of 255 kWp, one of which was developed by listed company Pekat Group Bhd (KL:PEKAT). The island also has another 500kW mini hydro system in Mentawak.
A report by Offshore Energy in June 2023 noted that TNB was exploring the potential of installing an offshore solar plant off the coast of the Tioman island, with 780kW generation capacity.
Pulau Tioman in Pahang is one of three islands proposed to utilise 100% renewable energy under the Pulau Tenaga Hijau programme first introduced by the government in 2022.
The other two islands are Pulau Redang and Pulau Perhentian in Terengganu, according to reports.
Under the JV, MN Power Transmission plans to undertake the supply, installation and related works for interconnection PV systems, outdoor ground mounted metering kiosks, as well as preliminary work compliance at the construction sites.
Founder Energy will concurrently undertake supply, installation and related works for building integrated PV systems, civil works, testing and commissioning, and all others.
Shares in MN Holdings closed up 13 sen or 13.83% at RM1.07 on Friday, giving the company a market capitalisation of RM446.74 million. Its share price has more than doubled this year.
Reservoir Link, which also provides well services in the offshore oil and gas sector, saw its shares close up 1.5 sen or 5.36% at 29.5 sen, giving it a market capitalisation of RM90.2 million. The counter has retreated 6.35% this year.