TNB noted that the new investment represents a significant milestone for the company as it broadens into RE greenfield development in the UK.
PETALING JAYA: Tenaga Nasional Bhd
’s (TNB) plan to charge up its energy transition bid and renewable energy (RE) portfolio has moved a step up with its plan to develop a solar energy greenfield development in the United Kingdom.
The power utility’s wholly owned subsidiary, Vantage RE Ltd, has signed an engineering, procurement and construction or EPC contract with Belectric GmbH for the construction and commissioning of 102 megawatt (MW) solar farms in the UK.
The contract, signed on Dec 14, also includes an option to develop 65MW co-located Battery Energy Storage Systems or BESS, which upon development may enhance TNB’s revenue streams through participation in ancillary services and the capacity market.
In a statement yesterday, TNB noted the new investment represents a significant milestone for TNB as it broadens into RE greenfield development in the UK.
The estimated cost of the project was not disclosed.
The solar farms, which are expected to achieve commercial operations by the first quarter of 2024, are to be built on two sites and provide stable long-term revenue.
According to TNB, the project delivery will be overseen by the Vantage RE team and once operational, it will generate enough clean energy to meet the equivalent annual needs of over 37,000 homes and save over 46,750 tonnes of carbon dioxide compared to fossil fuel generation.
“Both sites also offer opportunities for environmental initiatives to promote biodiversity net gains, supporting TNB’s wider biodiversity agenda,” the statement noted.
TNB president and chief executive officer Datuk Indera Baharin Din believes the group’s experience and expertise in developing solar farms in Malaysia via large-scale solar projects will be crucial in ensuring the UK project’s success.
He added the project will further solidify TNB’s presence in the UK RE space.
“This is an important step towards future-proofing TNB’s business as it transitions to a green economy and ensures that shareholder value is well protected,” he said.
