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Jentayu Sustainables Berhad announces two pivotal advancements, signalling significant progress in its renewable energy endeavors. Firstly, the company has received an Initial Letter of Notification (ILON) from the Energy Commission of Sabah (ECOS) for Project Oriole, alongside approval with conditions from the Securities Commission Malaysia for the acquisition of hydro and solar assets, positioning it as a key player in the renewable energy landscape.
Project Oriole Milestone: Project Oriole, a RM 2.8 billion initiative for a 170 MW run-of-river hydropower plant in Sipitang Sabah, has achieved a crucial milestone with the issuance of an ILON by ECOS. Aligned with the Sabah Energy Road Map and Master Plan (RAMP) 2040, Project Oriole is poised to address Sabah’s electricity supply challenges effectively.
This ILON signifies a significant step forward in the project’s approval process, as it sets the key commercial and technical terms for Project Oriole. Subsequent activities will involve negotiations with the Engineering, Procurement, Construction, and Commissioning (EPCC) contractor and collaboration with financial partners to achieve financial closure. This progress aligns with Sabah Chief Minister Datuk Seri Panglima Hajiji Noor’s call for expediting renewable energy projects in line with the state’s master plan.
Asset Acquisition Approval: Jentayu Sustainables Berhad’s proposed acquisition of hydro assets, junior bonds, and a solar asset has been granted approval with conditions by the Securities Commission Malaysia. This approval lays the groundwork for shareholder consent, to be sought through an Extraordinary General Meeting.
The acquisition includes control over two run-of-river hydropower plants with a combined capacity of 40 MW, operated by Telekosang Hydro One Sdn Bhd and Telekosang Hydro Two Sdn Bhd in Tenom, Sabah. Additionally, the acquisition encompasses Jentayu Solar Sdn Bhd, which operates a 5.99 MW solar power plant in Pokok Sena, Kedah.
These strategic acquisitions signify a significant enhancement of Jentayu Sustainables Berhad’s financial position, underlining its commitment to profitability and leadership in the renewable energy sector.
Datuk Haji Beroz Nikmal Mirdin, Executive Chairman of Jentayu Sustainables Berhad, expressed satisfaction with these achievements, emphasizing the company’s dedication to providing value for shareholders and contributing meaningfully to the renewable energy landscape in Sabah, Malaysia, and beyond. |
