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TNB ventures into solar greenfield development in the UK

Datuk Ir Baharin Din. Photo: TNB

KUALA LUMPUR, Dec 21 (Bernama) -- Tenaga Nasional Bhd’s (TNB) wholly-owned subsidiary Vantage RE Ltd has inked a contract with BELECTRIC GmbH for the construction and commissioning of solar farms generating 102-megawatt (MW) in the United Kingdom (UK).

In a statement today, TNB said the engineering, procurement and construction contract also includes an option to develop 65MW co-located battery energy storage systems, which upon development may enhance its revenue streams through participation in ancillary services and capacity market.

“This investment represents a significant milestone for TNB as it broadens into renewable energy greenfield development in the UK,” it said. 

TNB president and chief executive officer Datuk Baharin Din said the investment has grown its renewable energy capacity in the UK to 632MW, a significant 61 per cent growth in MW capacity since the launch of Vantage RE in July 2021. 

“For the year-to-date third quarter of 2023 (Q3 2022), the earnings before interest, taxes, depreciation, and amortisation (EBITDA) contribution from our UK renewable energy portfolio has increased by 31.7 per cent year-on-year to £55.6 million (£1=RM5.38), signifying continued healthy financial performance through TNB’s active asset management approach,” he said. 

Meanwhile, the electric utility company said the solar farms are expected to achieve a commercial operation date by Q1 2024. 

“To be built on two sites, the farm will provide stable long-term revenues under a 15-year contract for difference subsidy scheme that was awarded in July 2022,” it said. 

 The company noted that both sites offer opportunities for environmental initiatives to promote biodiversity net gains, supporting its wider biodiversity agenda. 

-- BERNAMA

 

 

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