Malaysia's TNB achieves timely fin close for 50-MW solar project
- Malaysian utility Tenaga Nasional Bhd (KLSE: TENAGA), or TNB, claimed today it has actually reached economic close for a 50-MW/75-MW-DC solar project in Kedah after getting debt from CIMB Islamic Bank Bhd
The turning point was achieved on September 30, according to the set target date. The utility was initially as a result of reach the monetary close day (FCD) by June 30, 2022, but the target date was later pushed back till September 30, 2022, upon the firm's request.
Project vehicle TNB Bukit Selambau Solar Dua Sdn Bhd (TBSS2) has safeguarded up to MYR 185 million (USD 39.3 m/EUR 40.3 m) for the project at Bukit Selambau. It will certainly implement the project under the Round Four of Malaysia's Large Scale Solar (LSS) programme and also will certainly run the photovoltaic or pv (PV) park under a power acquisition contract (PPA) with TNB.
The TBSS2 park is expected to start feeding electricity into the grid in December 2023. Its future output will certainly be gotten by TNB for 25 years, complying with an expansion to the initial PPA term.
TNB intends to have 7 GW of renewable resource plants in operation by 2030, in accordance with its goal to come to be net zero and coal-free by 2050.