PETALING JAYA: Sabah government-linked Suria Capital Holdings Bhd
and consortium partner have secured the Energy Commission of Sabah’s approval to develop a 100MW gas peaking plant in Kimanis.
In a filing with Bursa Malaysia, Suria said its wholly-owned subsidiary, SCHB Engineering Services Sdn Bhd, and NRG Consortium (Sabah) Sdn Bhd had accepted the letter of notification (LoN) on May 4.
The LoN comes with several key conditions, including the need to execute the power purchase agreement (PPA) by Dec 31, 2026. Financial close must be achieved within six months from the execution of the PPA.
Other conditions were the submission of a RM5mil commitment bond, establishment of a special-purpose vehicle and a moratorium on changes to the shareholding structure for 10 years after the commercial operation date.
