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

UPDATE 1-Sunseap, Tenaga to bid for trial Singapore electricity imports from Malaysia

Wed 3rd March, 2021 10:30am
(Adds regulator's plans)
    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 participate in a tender to
trial clean electricity imports into Singapore from Malaysia. 
    If successful, 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 investors including Temasek. 
    In October, Singapore said it plans to trial 100 MW 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
    Singapore's Energy Market Authority (EMA) will issue this
month a Request for Proposal (RFP) for the 100MW of trial
electricity imports, according to the regulator's website.
    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 in the tender, 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,
Muralikumar Anantharaman and Louise Heavens)
 ((roslan.khasawneh@thomsonreuters.com; Reuters Messaging:
roslan.khasawneh.thomsonreuters.com@reuters.net))
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