KUALA LUMPUR, June 1 — Tenaga Nasional Bhd (TNB) through its New Energy Division is striving to future-proof its business by expanding its renewable energy (RE) footprint globally through mergers and acquisitions, asset development and establishing strategic partnerships with leading RE players.
Its wholly-owned subsidiary Vantage RE Ltd, launched on July 1, 2021, is currently operating and managing TNB’s portfolio of RE assets in the United Kingdom and Europe, the national utility company said in a statement today.
In October 2021, Vantage RE enhanced TNB’s RE portfolio and net-zero goals with the acquisition of a 49 per cent stake in offshore wind farm Blyth Offshore Demonstrator Ltd from EDF Renewables, a subsidiary of the French utility company, Électricité de France, the statement said.
It has also completed its 100 per cent acquisition of a 97.3 megawatt (MW) onshore wind portfolio in the UK in April 2022. Both acquisitions will help accelerate its environmental, social and governance agenda.
To date, it has an RE portfolio of 530MW, including offshore wind, onshore wind and solar farms in the UK; this underscores the national utility company’s strategy to expand its RE portfolio in focus markets such as the UK and Europe.
At the same time, it will also help TNB transition towards a new energy future of low carbon generation, consistent with its sustainability and overall ESG vision, TNB president and chief executive officer Datuk Baharin Din said.
On the local front, Baharin said in accelerating decarbonisation, the hydroelectric dam project in Nenggiri, Gua Musang by its power generation subsidiary, TNB Power Generation Sdn Bhd (TNB Genco) will take off this year.
He said the project is expected to deliver 300 MW of RE to the national grid when completed in 2026.
It will augment Peninsular Malaysia’s supply security, particularly to the eastern region, while benefiting Kelantan in terms of flood mitigation, cleaner water supply and raw water for irrigation.
TNB Genco, currently generating 50 per cent of Malaysia’s power, is working on life extension of existing hydropower plants, namely Sungai Perak, Kenyir and Cameron Highlands power stations which will utilise low-carbon fuel ammonia as co-firing technology and carbon capture at its coal power stations to reduce the greenhouse gas emissions intensity. — Bernama