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Tuesday November 20, 2012

M'sia may set up similar funding system to one in India for renewable energy

Chin says he is impressed by the financing model for renewable energy projects in India. Chin says he is impressed by the financing model for renewable energy projects in India.

PETALING JAYA: A funding system similar to the one in India is being considered by the Energy, Green Technology and Water Ministry for green initiatives in Malaysia

Minister Datuk Seri Peter Chin said he was impressed by the financing model for renewable energy projects in India during a recent ministerial meeting he had with his Indian counterpart.

“India has created a specific bank' to promote renewable energy and I am very impressed by what it has done,” he told a press confrence after launching the SieMyCity: Build You Ideal KL game competition here.

He was referring to the Indian Renewable Energy Development Agency Ltd, under the New and Renewable Energy Ministry, which is a revolving fund to provide financial assistance for projects and schemes that have commercial viability in generating renewable electricity.

He added the ministry had two officers stationed in India to study the option. The ministry has given RM850mil worth of soft loans under the Green Technology Financing Scheme from the total fund of RM3.5bil allocated under Budget 2010 and Budget 2013.

The Government had allocated RM1.5bil in the Budget 2010 and RM2bil this September. The loans were given on a first-come-first-serve basis to companies.

On a separate note, Siemens Malaysia Sdn Bhd president and chief executive Prakash Chandran said the local Siemens outfit has enjoyed improved performance with 8% growth in order intake and 16% increase in revenue for the financial year ended September.

“We did reasonably well in our last financial year. Under the own business category, which are orders booked in Malaysia only, our order book value closed at just below RM1bil,” he said, adding that the current financial year started very well despite economic weaknesses.


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