Citaglobal in RM9.75bil Masdar-TNB solar tie-up

From left: Tenaga Nasional Bhd chairman Datuk Abdul Razak Abdul Majid, Masdar head of development and investment (Malaysia, Central Asia and Africa) Abdulla Zayed and Citaglobal executive chairman and president Tan Sri Dr Mohamad Norza Zakaria.

KUALA LUMPUR: Citaglobal Bhd has received an expression of interest from TNB Renewables Sdn Bhd (TRe), a wholly-owned subsidiary of Tenaga Nasional Bhd (TNB), to participate in the development of renewable energy (RE) projects in Malaysia.

Citaglobal said potential areas of collaboration between the group and TNB include Project 2GW, a US$2bil (RM9.75bil) two-gigawatt (GW) solar farm project in Pahang.

A 60:40 consortium for Project 2GW, comprising Masdar, Citaglobal and TIZA Global, had been formalised via a joint development agreement (JDA) on Dec 1, 2023.

Following the JDA, on Dec 2, 2023, Citaglobal and Masdar entered into a memorandum of understanding (MoU) with TRe for a proposed strategic collaboration in the area of RE projects, including Project 2GW.

Project 2GW involves the proposed development of up to 2GW of RE in Pahang.

The project will see the construction of ground-mounted solar arrays, floating solar farms and battery energy storage systems (Bess) across multiple sites in suitable land, dams, and lakes across Pahang.

The project will be developed over a few phases at multiple sites in Pahang, over five years.

“The presence of TRe, which is a unit of our national utility TNB, is in itself a big win.

“We are honoured to work with them and warmly welcome TRe into our partnership.

“TRe’s extensive expertise in infrastructure, site planning, asset management and evaluation will bring significant value to Project 2GW across its entire lifecycle,” executive chairman and president Tan Sri Mohamad Norza Zakaria said in a statement.

He said the presence of blue-chip partners like TRe and Masdar strengthens its resources in terms of finance, infrastructure and shared innovations.

“We aim to formalise the participation of TRe within the JDA agreement as soon as possible.”

TNB chairman Datuk Abdul Razak Abdul Majid said: “We are looking forward to joining hands with Citaglobal and Masdar for the solar farm project.

“Malaysia’s robust economy and renewable resources make it a prime investment hub.

“Our deepening collaboration emphasises our commitment to advancing RE aligned with Malaysia’s National Energy Transition Roadmap.”

Amid the climate crisis, Abdul Razak said smart projects like these were pivotal for regional energy transition.

“TRe’s involvement enhances our expertise in large-scale renewables, strengthening our partnership and collective goal to drive impactful change,” he added.

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