Regional Power: Terengganu, TNB Genco launch 2,000MW floating solar farm
Friday, September 13 2024 - 03:15 PM WIB
Terengganu Incorporated (Terengganu Inc) and TNB Power Generation Sdn Bhd (TNB Genco) have officially launched a floating solar farm at Lake Kenyir, Malaysia, with a capacity to generate up to 2,000 megawatts (MW) of electricity.
Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar announced that the initial phase of the project will produce 400MW within the next six months, supported by a RM2 billion investment.
"This initiative is a key part of the state’s plan to generate 1,000MW of solar energy within the next five years, increasing Terengganu’s energy capacity by over 30% by 2025," Ahmad Samsuri said, as reported by theedgemalaysia.com.
He emphasized that Terengganu Inc is committed to advancing the national agenda by promoting solar energy across all its subsidiaries through the installation of solar panels at their facilities.
Read also: Sunseap's floating solar farm project enters licensing phase
During a dinner ceremony on Tuesday (September 10) for Terengganu Inc’s board of directors’ corporate training programme, Ahmad Samsuri also highlighted the company's financial progress. Revenue grew from RM964 million in 2018 to RM1.5 billion last year, an increase of RM558 million. The company reversed a pre-tax loss of RM43 million in 2018 to report pre-tax profits of RM78 million in 2021, RM76 million in 2022, and RM46 million in 2023.
"For this year, we are targeting a revenue of RM1.8 billion, a 24% increase from last year, with a profit before tax projected at RM100 million," he noted.
Looking ahead, Ahmad Samsuri outlined plans to ensure continued profitability, including reducing reliance on oil palm plantations by halting expansion and focusing on improving operational efficiency in existing plantations.
In addition to its renewable energy projects, Terengganu Inc is exploring solar energy initiatives for international markets under the Cross Border Energy Sale (CBES) programme and advancing a sustainable carbon credit programme. The company is running two pilot projects aimed at generating new revenue streams for both the company and the state.
Editing by Reiner Simanjuntak