UOB Malaysia reiterates commitment to support country's transition to cleaner energy

UOB Malaysia managing director and country head of wholesale banking Ng Wei Wei

KUALA LUMPUR: United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has reiterated its commitment to help the country's transition to cleaner energy by supporting power plants with lower environmental impact and financing natural gas and solar projects in the country.

In a statement today, UOB Malaysia said the bank was a co-financier in a Commodity Murabahah Term Financing-i facility for the recently-announced 1,200 megawatt combined-cycle gas turbine power plant in Pulau Indah, Selangor.

"Upon completion in 2024, the power plant is expected to meet the demand in the Klang Valley in a more sustainable manner because a natural gas power plant has higher energy efficiency and emits 50 to 60 per cent less carbon dioxide per kilowatt-hour than a typical coal plant," it said.

UOB Malaysia's managing director and country head of wholesale banking Ng Wei Wei said the bank is committed to supporting projects that will help the country make the transition to natural gas and renewable to increase the national power capacity mix.

"We are honoured to be part of the financing consortium for Selangor’s major power development plan that will generate more power for the residents in the central region of Peninsular Malaysia," she said.

In the meantime, UOB Malaysia believes that the country will continue to increase renewable sources in its energy capacity mix to 20 per cent by 2025, particularly solar power.

The projection is underpinned by the recent announcement of new power plant constructions under the Large Scale Solar (LSS) 4 programme by the Energy Commission of Malaysia.

"Solarvest Holdings Bhd, an engineering, procurement, construction and commissioning (EPCC) partner in UOB Malaysia’s U-Solar programme, was one of the LSS4 successful bidders.

"UOB Malaysia also supported two solar power plant projects; the Sinar Kamiri Power Plant in Sungai Siput, Perak and the Kenyir Gunkul Power Plant located in Dungun, Terengganu under the previous LSS programmes," it said. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Business News

Ringgit hits 4.4 against US$, lowest since March 2020
Further recovery for SunREIT as borders reopen
US plunge sends domestic shares lower
Trading ideas: Country Heights, Malaysia Smelting Corp, LBS Bina Group, Sunway REIT, Cahya Mata Sarawak
S.African central bank eyes digital rand to cut cross-border payment costs
Oil price falls 2.5% as US refiners ramp up output, equities retreat
Tesla cut from S&P 500 ESG Index, and Elon Musk tweets his fury
Wall Street ends sharply lower as Target and growth stocks sink
Global soy crop outlooks are aggressive, maybe too much so
Amazon Web looks at developing data centres in Malaysia

Others Also Read