KUALA LUMPUR: Sarawak Corridor of Renewable Energy (Score), the biggest economic corridor in Malaysia, has attracted about RM33.6bil investment to date mainly from the private sector.
Regional Corridor Development Authority (Recoda) CEO Datuk Ismawi Ismuni said there were 22 projects by the private sector in Score, of which mainly from energy-intensive and heavy industries.
“Press Metal alone consume 1,200 MW of power from the Samalaju power plant.
“Moving forward, we will be focusing on getting investment from downstream sector which is not power intensive,” he told reporters at a press conference after the Bursa Malaysia-Hong Leong Investment Bank Stratum Series on “Sarawak: Journey in Transformation”.
It is worth noting that Press Metal, an aluminium smelting company, was one of the pioneers at Score, having enjoyed lower electricity tariff with a 25-year power purchase agreement (PPA) with Sarawak.
Ismawi said that the energy-intensive sector would act as a trigger to create value-added services at Score.
“Of course we realise that there would be concerns on the supply of electricity. Hence, we would work on getting investments in the downstream sector,” he said.
He pointed out that there is a major hydro plant being built in Baleh that will have the capacity to generate 1,285MW and expected to complete in 2025.
“We are also adding another turbine in Bakun hydro-dam that would increase the capacity to 2,700 MW from 2,400MW,” Ismawi said.
He said Recoda has received RM4.5bil of funds for roads development and water supply that would increase the attractiveness for investors to come into Score.
“Our target is to get RM270bil investment from the public and private sectors,” he said.