KUALA LUMPUR (Nov 14): LBS Bina Group Bhd (KL:LBS) said it it looking into developing a 10-gigawatt (GW) green hydrogen plant in Kota Marudu, Sabah jointly with the Sabah Forestry Development Authority (Safoda) and two other companies.

The property developer said it signed a memorandum of understanding with Safoda as well as Invest Sabah Bhd and Midwest Green Sdn Bhd on Thursday to jointly explore the feasibility of developing the hydrogen plant and other renewable energy projects in Sabah.

The group plans to act as the master developer for the hydrogen facility powered by solar and wind energy, as well as a future green industrial park on a potential site ranging from 15,000 acres to 30,000 acres in Kota Marudu.

The facility aims to produce 10GW of energy, generating over 250,000 tonnes of green hydrogen annually, LBS Bina said in a statement.

It said the parties will work together on land surveys and site inspections to identify optimal locations and establish a consortium structure for the project.

“With the immense renewable energy potential of Kota Marudu, we see this as a landmark project that will drive economic growth for Sabah and create lasting job opportunities for local communities," said LBS Group executive chairman Tan Sri Lim Hock San .

Shares of LBS Bina gained half a sen or 0.88% to close at 57 sen on Thursday, giving the group a market capitalisation of RM873.4 million.