KUALA LUMPUR (Sept 29): A consortium between Gamuda Bhd (KL:GAMUDA), SD Guthrie Bhd (KL:SDG) and Gentari Sdn Bhd have inked an agreement with a US-based technology company for a proposed 680-megawatt renewable energy project in Perak.

The project, which includes a four-hour battery energy storage system, will achieve commercial operation in 2029 and run for 21 years, according to an exchange filing. The project may generate more than RM10 billion in gross revenue over the offtake period, according to Gamuda’s estimates.

On top of providing stable recurring earnings, the project will also accelerate its expansion into utility-scale renewable infrastructure and energy storage solutions, Gamuda said.

Gamuda holds a 33% stake in the joint venture, G3nerasi Mutiara Sdn Bhd, which wholly-owns G3nerasi Kinta Sdn Bhd that will supply power to a data centre from the project under the Corporate Renewable Energy Supply Scheme.

SD Guthrie, the world’s largest palm oil producer by acreage and Gentari, the renewable energy arm of national oil and gas company PETRONAS, each holds a 33.5% stake in the joint venture incorporated on September 8. The offtaker was not named.

Funding for the project is expected to come from a combination of project financing and equity contributions from partners based on their respective stakes in the consortium, Gamuda said.

Tuesday’s announcement builds on an agreement signed between Gamuda and SD Guthrie in August 2025 which sought to develop solar energy assets with up to 1.2 gigawatt (GW) of accumulated capacity.

The two companies said they aimed to own and operate the assets, including energy storage systems.

In the same month, Gamuda had also agreed to partner Gentari, through Gentari Renewables Sdn Bhd, to deliver 1.5 GW of renewable energy capacity.

At Tuesday’s close, Gamuda shares were up seven sen or 1.43% to RM4.98, giving the group a market capitalisation of RM30.13 billion.