IOI Corp eyes more solar projects after 500MW Bahau win
PUTRAJAYA: IOI Corp Bhd wants to develop more solar energy projects as part of its strategy to expand its renewable energy business portfolio.
IOI Corp Bhd is planning to develop additional solar energy projects as part of its strategy to grow its renewable energy business. Group CEO Datuk Lee Yeow Chor said the company is assessing various opportunities following its recent announcement of a 500-megawatt (MW) solar project in Bahau, Negri Sembilan. Lee mentioned that the firm has also been approached by experienced renewable energy players and is currently exploring several solar plant project opportunities.
IOI Corp has identified at least two other estates near major connection points to Tenaga Nasional Bhd's electricity grid, which could be suitable for solar developments. The Bahau solar project, occupying about 486 hectares, represents roughly 20% of the estate's total land area. The group's chairman, Tan Sri Abdul Wahid Omar, stated that the expansion into solar energy aligns with the five-year strategic roadmap from 2025 to 2029, focusing on diversifying the business portfolio.
IOI Corp's wholly-owned unit, Luminous Aspect Sdn Bhd, signed a joint venture agreement with TNB Renewables Sdn Bhd and CSP 500MW Sdn Bhd to develop the large-scale solar project in Bahau, which includes a 500MW alternating current solar photovoltaic facility and a 250MW/1,000-megawatt-hour battery energy storage system. The project will be undertaken on 526.09 hectares of land under a long-term lease arrangement with IOI Corp, supported by TNB's long-term renewable energy offtake agreement with Singapore-based DayOne Data Centres Ltd.
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