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Malaysia Airports appoints CES as cooling energy concessionaire at KLIA

KUALA LUMPUR, Dec 23  -- Cooling Energy Supply Sdn Bhd (CES) has entered into a concession agreement with Malaysia Airports (Sepang) Sdn Bhd for the operation, maintenance and upgrade of a district cooling co-generation plant.

The concession entails producing, selling, marketing, distributing and supplying cooling energy and electricity at Kuala Lumpur International Airport (KLIA), Sepang, Selangor for a period of 20 years, commencing on July 1, 2021.

CES is a joint venture (JV) company between a wholly-owned subsidiary of Tenaga Nasional Bhd (TNB), TNB Engineering Corporation Sdn Bhd (TNEC) and Airport Ventures Sdn Bhd  (AVSB).

In a filing with Bursa Malaysia today, TNB said the JV was part of its rigorous efforts to promote and provide sustainable energy solutions to customers.

“The JV will facilitate the cooperation between TNB, TNEC and Malaysia Airports Holdings Berhad (MAHB) for the plant to supply cooling energy to KLIA’s surrounding facilities using reliable, modern and efficient technology,” it said.

It said TNEC, AVSB, and CES have executed a shareholders’ agreement to regulate relationship between TNEC and AVSB as shareholders of the concessionaire on the project.

“Under the shareholders’ agreement, TNEC will hold 70 per cent equity while AVSB will hold the remaining 30 per cent  equity in the concessionaire,” it said.

The JV project is not expected to have any material impact on share capital, substantial shareholdings, net assets per share, earnings per share and gearing of TNB.

Meanwhile, Malaysia Airports in a statement said the modernised plant would produce cooling energy with higher efficiency and significantly reduce KLIA’s operating costs by more than RM50 million per annum.

“Running on electricity instead of natural gas, it will have lower overall input cost as the cost for electricity is lower and more stable compared to natural gas,” it said.

Its group chief executive officer Datuk Mohd Shukrie Mohd Salleh said the initiative was part of vigorous cost containment measures in view of the impact from the prolonged pandemic.

“On top of operational efficiency, this latest joint venture will allow us to preserve our cashfows during this challenging period and standing to gain from the 30 per cent stake in the JV’s earnings contribution and dividend stream in the future,” he said.

He added that the upgraded plant would enhance and strengthen the entire power grid at KLIA by leveraging another TNEC operated plant that had been using similar technology and resources to serve KLIA2.

-- BERNAMA

 

 

 

 

 

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