KUALA LUMPUR, Oct 13 — Malaysian Solar Resources Sdn Bhd (MSR) and Singapore's TEE International Ltd have formed a joint-venture company (JV Co) to serve as a platform for them to penetrate Singapore's solar energy market and venture into South-east Asia's market, apart from actively acquiring brown field solar farms in Malaysia.
MSR chief financial officer Lisa Ong Hooi Chen said the JV Co would be eyeing solar farms with capacity of between five and 10 megawatts, she said.
“The JV Co would step up its competitive edge by combining MSR's expertise in the solar industry with TEE's integrated engineering services and experience in the regional infrastructure section,” she said.
Ong said this to Bernama at the 8th International Greentech and Eco Products Exhibition and Conference (IGEM 2017) here today.
She said following this set-up, both TEE and MSR would jointly tender for the coming solar projects in Singapore and explore solar investment opportunities in the South-east Asia, with the countries in focus are Indonesia and Vietnam.
On MSR presence in the regional market, Ong said, this would be an opportunity for them to venture out as it has consitniue to study on Indonesia and Vietnam.
“We will be in more stable market like Singapore and as for Vietnam and Indonesia, despite their reliance on coal, the governments are moving towards clean energy, so the awareness is there,” she said, adding that MSR has studied Vietnam for almost a year and this is the right time to enter the market.
Head of TEE's infrastructure business, Edwin Neo, said the company has a capital of S$100,000 (RM311,000) and on the capital expenditure allocation for the acquisition of brownfield asset in Malaysia, the companies will inject fund on a case-by-case basis.
“When there is a need then we will allocate some fund, and in the meantime, we will actively bid for solar tender by Singapore's government as well as catering for demand by private sector,” he said.
About 95 per cent of Singapore's electricity is produced from natural gas and most of the supply comes from Malaysia and Indonesia through connected pipelines.
TEE, which dipping its toe into the solar market, has regional footprint and strong network across Singapore, Thailand, Malaysia, Hong Kong and New Zealand and it also has affiliate companies in some of these markets. — Bernama