Seal associate secures RM408mil for Sabah battery storage project
KUALA LUMPUR: Seal Incorporated Bhd's 30 per cent-owned associate, MSR Green Energy Sdn Bhd, has secured RM408.2 million in financing to part-fund a large-scale battery energy storage system project in Sabah.
In a filing with Bursa Malaysia today, the group said the financing was provided by AmBank Group.
This follows MSR Green Energy's award of the project in Lahad Datu, valued at RM644.6 million, by Sabah Electricity Sdn Bhd in September last year.
The project is expected to become one of Southeast Asia's largest battery storage systems and the first of its kind in Sabah, with a final installed capacity of 517 megawatt-hours.
It aims to improve grid stability, increase reserve margins during peak demand, and support future expansion of renewable energy infrastructure in the region.
"With the invaluable financing support of AmBank, our large-scale battery energy storage project represents a pivotal step toward realising a shared vision of a greener future," MSR Green Energy director Ong Kah Hui said in a statement.
MSR Green Energy, established in 2012, is a renewable energy player with a track record of 39 commissioned solar photovoltaic projects.
The company is also developing two large-scale solar projects under the Corporate Green Power programme, totalling 95 megawatt-peak, which are slated for completion by end-2025.
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Daily Express
03-05-2025
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RM408.2 million for Sabah BESS project
Published on: Saturday, May 03, 2025 Published on: Sat, May 03, 2025 By: Bernama Text Size: The BESS project, valued at RM644.6 million, was awarded by Sabah Electricity Sdn Bhd (SESB) in September 2024 and is located in Lahad Datu, Sabah. Kuala Lumpur: AmBank Group has approved a financing facility totalling RM408.2 million to MSR Green Energy Sdn Bhd (MSRGE) to partially fund its working capital requirements for a landmark 100 megawatt (MW)/400 megawatt-hour (MWh) battery energy storage system (BESS) project. In a joint statement, both parties said the BESS project, valued at RM644.6 million, was awarded by Sabah Electricity Sdn Bhd (SESB) in September 2024 and is located in Lahad Datu, Sabah. 'Upon completion, the facility will be one of the largest battery storage systems in Southeast Asia and the first energy storage facility in Sabah, with a final installed capacity of 517 MWh. 'It is designed to enhance grid stability, increase reserve margins during peak demand periods, and enable the further expansion of power plants in the region,' they said. AmBank Group managing director of business banking Christopher Yap said the financing marks a significant step in supporting Malaysia's transition towards a more resilient and sustainable energy landscape. 'By supporting this advanced energy storage infrastructure, we reaffirm our commitment to sustainable financing and the development of renewable energy,' he added. Meanwhile, MSRGE director Ong Kah Hui said that with AmBank's invaluable financing support, the large-scale battery energy storage project represents a pivotal step towards realising a shared vision of a greener future. 'This initiative not only addresses Sabah's power supply and grid stability needs, but also lays a robust foundation for the integration of future renewable energy plants into the region's infrastructure,' he said. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Malay Mail
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New Straits Times
02-05-2025
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Seal associate secures RM408mil for Sabah battery storage project
KUALA LUMPUR: Seal Incorporated Bhd's 30 per cent-owned associate, MSR Green Energy Sdn Bhd, has secured RM408.2 million in financing to part-fund a large-scale battery energy storage system project in Sabah. In a filing with Bursa Malaysia today, the group said the financing was provided by AmBank Group. This follows MSR Green Energy's award of the project in Lahad Datu, valued at RM644.6 million, by Sabah Electricity Sdn Bhd in September last year. The project is expected to become one of Southeast Asia's largest battery storage systems and the first of its kind in Sabah, with a final installed capacity of 517 megawatt-hours. It aims to improve grid stability, increase reserve margins during peak demand, and support future expansion of renewable energy infrastructure in the region. "With the invaluable financing support of AmBank, our large-scale battery energy storage project represents a pivotal step toward realising a shared vision of a greener future," MSR Green Energy director Ong Kah Hui said in a statement. MSR Green Energy, established in 2012, is a renewable energy player with a track record of 39 commissioned solar photovoltaic projects. The company is also developing two large-scale solar projects under the Corporate Green Power programme, totalling 95 megawatt-peak, which are slated for completion by end-2025.
