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Sector
Financials
Size
Large Cap
Market Cap £39.92bn
Enterprise Value £39.02bn
Revenue £8.55bn
Position in Universe 34th / 6086

UPDATE 1-Sunseap, Tenaga forming venture to trial Singapore electricity imports from Malaysia

Tue 2nd March, 2021 5:59am
(Adds details of venture)
    SINGAPORE, March 2 (Reuters) - Malaysia's largest
electricity utility, Tenaga Nasional Bhd (TNB)  TENA.KL , and
Singapore-based solar firm Sunseap Group announced on Tuesday
they are forming a joint venture to trial clean electricity
imports into Singapore from Malaysia. 
    The partnership will import 100 megawatt (MW) of electricity
to be generated from renewable energy sources, TNB and Sunseap
said in a joint statement, which did not give any financial
details.
    The venture will contribute to Singapore's long-term efforts
to power its future "through clean and green energy sources",
said Frank Phuan, co-founder and chief executive of Sunseap,
which is backed by institutional investors including Goldman
Sachs  GS.N , Temasek and DBS Group Holdings  DBSM.SI . 
    In October, Singapore said it plans to trial clean energy
imports from Malaysia over two years to assess and refine the
technical and regulatory frameworks for power imports into the
city-state and boost the security of its energy supply as part
of a series of moves aimed at reducing its carbon footprint.
 urn:newsml:reuters.com:*:nL1N2HH05A
    The electricity to be imported by the partners could account
for about 1.5% of Singapore's peak electricity demand, and could
begin as early as end-2021 via the existing electricity
interconnector between Singapore and Malaysia, the joint
statement said. 
    If successful, the venture between Sunseap and TNB will
invest in multiple solar farms across Malaysia and tap other
forms of clean energy, such as hydro electricity, from TNB's
existing plants to ensure a reliable and stable supply of power
into Singapore, the statement said. 

 (Reporting by Roslan Khasawneh; Editing by Christopher Cushing
and Muralikumar Anantharaman)
 ((roslan.khasawneh@thomsonreuters.com; Reuters Messaging:
roslan.khasawneh.thomsonreuters.com@reuters.net))
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