KUALA LUMPUR: Citaglobal Bhd
has entered into a power purchase agreement (PPA) with Tenaga Nasional Bhd (TNB) for the sale of electricity generated from a 200-megawatt (MW) large-scale solar photovoltaic plant at Chereh Dam, Kuantan, Pahang.
In a filing with Bursa Malaysia, Citaglobal said the PPA was signed on Dec 17, 2025 by Chereh Solar Sdn Bhd (CSSB), the special purpose vehicle (SPV) incorporated by a consortium comprising Abu Dhabi Future Energy Company PJSC (Masdar), Citaglobal Renewable Energy Sdn Bhd — a wholly owned subsidiary of Citaglobal — and TIZA Global Sdn Bhd.
Citaglobal said the agreement follows the consortium’s earlier selection as a shortlisted bidder for the project by the Energy Commission in September 2025. CSSB was incorporated on Oct 9, 2025 to undertake the development of the solar project.
Under the terms of the PPA, TNB will purchase electricity generated by the project over a 21-year period commencing from the commercial operation date, which is targeted for March 2028.
CSSB currently has an issued share capital of RM100, comprising 100 ordinary shares. Masdar holds an effective 49% stake in the SPV, Citaglobal Renewable Energy owns 30%, while TIZA Global holds the remaining 21%.
“Barring any unforeseen circumstances, the project is expected to contribute positively towards the future earnings of the group upon the commercial operation of the project for a period of 21 years,” Citaglobal said.
