KUALA LUMPUR (Oct 14): Hibiscus Petroleum Bhd (KL:HIBISCS) is partnering with property developer Seri Pajam Development Sdn Bhd (SPD) to evaluate and develop power plants and energy solutions for data centres and industrial developments across Malaysia.
In a press release on Wednesday, Hibiscus Petroleum said the agreement dated Sept 30 establishes a collaboration framework to assess the deployment of gas turbines, gas engines, solar power, and carbon capture systems on land owned by SPD and its affiliates.
SPD Tech Valley in Senawang, Negeri Sembilan has been identified as a strategic industrial park with smart, sustainable infrastructure suited for data centres supported by an onsite power plant.
Hibiscus Petroleum said the initiative aligns with its “Hibiscus 3.0” strategy to expand into energy transition and adjacent energy segments while retaining oil and gas as its core business.
It said the collaboration combines SPD's landbank and industrial development footprint with Hibiscus Petroleum's operational track record, health and safety standards, and long-term energy asset management capabilities.
The group aims to help meet Malaysia’s rapidly growing power demand driven by data centres and artificial intelligence workloads.
The initiative will build on a partnership agreement signed on Sept 30, 2025, between Hibiscus Petroleum, Sime Darby Energy Solutions Sdn Bhd, Kawasaki Gas Turbine Asia Sdn Bhd and Kawasaki Heavy Industries Ltd.
The partnership combines utility-scale engineering, procurement, construction and commissioning (EPCC) capabilities with gas engine and gas turbine combined-cycle power technologies.
Hibiscus Petroleum senior vice president of strategic initiatives Chong Chee Seong said: “Data centres and AI workloads need power that is reliable, efficient, and increasingly low-carbon…by extending our expertise into distributed power generation, we aim to meet that demand while creating opportunities for additional, more stable revenue streams for our shareholders.”
Hibiscus shares ended nine sen higher or 4.05% at RM2.31 on Wednesday, giving the group a market capitalisation of RM1.703 billion.