The Malaysian Government has launched a programme to boost the renewable energy production and has set out an ambition to source 20% renewable energy by 2025. Scatec and partners are currently realising 240 MW across four projects in the country, supplying solar power to Tenaga Nasional Berhad, the country’s largest electricity utility.
The 197 MW Quantum Solar Park in Malaysia was Scatec’s first large scale solar project in South East Asia. The company partnered with a local ItraMAS-led consortium for the Quantum project in December 2016 and started project construction in 2017. Quantum’s three solar power plants started commercial operations in December 2018, May 2019 and July 2019 respectively. The project holds a 21-year PPA with Tenaga Nasional Berhad (TNB). The equity partner is Quantum Solar Park Malaysia, and lenders are CIMB and Maybank as Joint Lead Arrangers of the Sukuk Green Bond.
The Redsol project was awarded in 2017 under Malaysia’s second large scale solar tender round. The project is located in Northwest Malaysia and is being realised in a consortium with Fumase (Malaysia). The project holds a 21-year PPA with Tenaga Nasional Berhad (TNB). Lender for the project is BNP Paribas