Big push for solar energy by Malaysia-Singapore partnership

KUALA LUMPUR, 13 Oct 2017: 

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 Southeast 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 between 5MW and 10MW.

“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 at the 8th International Greentech and Eco Products Exhibition and Conference (IGEM 2017) here today.

Following this set-up, she said both TEE and MSR would jointly tender for upcoming solar projects in Singapore and explore solar investment opportunities in the Southeast Asia, with the countries in focus being Indonesia and Vietnam.

On MSR presence in the regional market, Ong said, this would be an opportunity for to venture out as it has began studying 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 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 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 funds, and in the meantime, we will actively bid for solar tender by Singapore’s government as well as catering for demand by private sector.”

About 95% of Singapore’s electricity is produced from natural gas and most of the supply comes from Malaysia and Indonesia through connected pipelines.

TEE, which is dipping its toe into the solar market, has a 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

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