Latest news with #ProjectOriole
New Straits Times
a day ago
- Business
- New Straits Times
Jentayu to buy solar stake, raise RM49mil for Sabah hydro project
KUALA LUMPUR: Jentayu Sustainables Bhd plans to acquire a 51 per cent stake in Jentayu Solar Sdn Bhd for RM5.87 million and raise up to RM48.84 million via a private placement to support its renewable energy project in Sabah. In a filing with Bursa Malaysia, the group said the stake in Jentayu Solar will be acquired from Jentayu Capital Sdn Bhd through a set-off arrangement involving part of a refundable deposit previously paid by the company. Jentayu Solar operates a 5.99 megawatt (MW) solar plant in Pokok Sena, Kedah, under a 21-year power purchase agreement (PPA) with Tenaga Nasional Bhd that began in 2019. Jentayu has also been granted a call option to acquire the remaining 49 per cent in Jentayu Solar from Seri Panglima Holdings Sdn Bhd for RM5.64 million within 12 months. As Jentayu's managing director Datuk Beroz Nikmal Mirdin and his spouse Datin Nurhaida Abu Sahid are shareholders of Jentayu Capital, the acquisition is deemed a related party transaction and will require shareholder approval. To help fund its 162MW hydropower project in Sipitang, Sabah, known as Project Oriole, Jentayu plans to issue up to 119.4 million new shares, potentially raising RM48.84 million. Proceeds will be used primarily for the project's next phase, including expenses tied to the PPA with Sabah Electricity Sdn Bhd and securing project financing. Around RM15 million is earmarked for working capital. Jentayu also proposed a variation in the use of RM16 million raised from a 2022 rights issue. Initially intended for a separate hydro asset acquisition that was later aborted, RM5.87 million will now go towards funding the Jentayu Solar stake, while the balance of RM10.13 million will be channelled into future renewable energy investments. The group said it is already in early talks to acquire a company involved in operating and maintaining a hydropower plant in East Malaysia, which could enhance internal capabilities and reduce long-term costs. "The board believes these proposals will support the group's expansion in renewable energy and strengthen its long-term growth," it said. Independent adviser QuantePhi Sdn Bhd has been appointed to advise non-interested shareholders on the related party aspects of the deal.
Daily Express
02-05-2025
- Business
- Daily Express
162MW hydropower boost for Sabah
Published on: Thursday, May 01, 2025 Published on: Thu, May 01, 2025 By: Sherell Jeffrey Text Size: Shahelmey witnessing the document exchange between OHP and a consortium led by XD Power Transmission Sdn Bhd Kota Kinabalu: Sabah's energy future received a major boost Wednesday as officials sealed a massive 162MW hydropower project deal that will provide affordable clean electricity to thousands of homes, starting 2029. The event at Menara Kinabalu solidified the Power Purchase Agreement (PPA) between Oriole Hydro Padas Sdn Bhd (OHP) represented by its Chief Executive Officer Saridah Mohd Dun and Sabah Electricity Sdn Bhd represented by its Chief Executive Officer Mohd Yaakob Jaafar. It also saw the Engineering, Procurement, Construction and Commissioning (EPCC) contract between OHP represented by Saridah and a consortium led by XD Power Transmission Sdn Bhd represented by PT Anhe Konstruksi Indonesia dan Anhe Hydropower Engineering Sdn Bhd Vice President Lei Yunbiao. The ceremony was witnessed by Deputy Chief Minister Datuk Shahelmey Yahya. Project Oriole, located at Hulu Sungai Padas in Sipitang, is one of the largest private sector renewable energy investments in the State, directly supporting Sabah's Energy Roadmap 2040 and its economic development ambitions. 'This milestone underscores our dedication to advancing Sabah's Energy Roadmap 2040 and reflects our confidence in delivering affordable, green infrastructure that benefits both the State and its people,' said Jentayu Sustainables Berhad Executive Chairman Datuk Beroz Nikmal Mirdin. The hydropower project is a collaborative effort between said Jentayu Sustainables Berhad, Sabah Electricity and Yayasan Sabah, ensuring that long-term benefits remain within the State. It holds the distinction of being the first new plant-up PPA signed under the Energy Commission of Sabah, reflecting the State's ongoing efforts to meet growing electricity demands. With a 40-year concession agreement, the project is scheduled to start commercial operations by June 1, 2029. It will deliver renewable energy at a competitive tariff of 31.5 sen per kilowatt-hour, making it one of the most affordable green energy initiatives. Present were State Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe, Yayasan Sabah Director Datuk Sri Gulamhaidar Yusof Khan Bahadar and Sabah Electricity Chairman Datuk Seri Wilfred Madius Tangau, among others. * 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
Borneo Post
30-04-2025
- Business
- Borneo Post
Key deals inked for 162MW hydropower plant in Sipitang
Saridah Mohd Dun, CEO of ORIOLE Hydro Padas Sdn Bhd exchanging the key project document with CEO of Sabah Electricity, Mohd Yaakob Jaafar witnessed by Shahelmey, Beroz, Industrial Development and Enterpreneuship Minister Phoong Jin Zhe, Yayasan Sabah director Datuk Seri Ghulamhaidar Khan, SE chairman Datuk Seri Panglima Wilfred Madius Tangau and guests. KOTA KINABALU (April 30): Jentayu Sustainables Berhad (JSB) has announced the successful exchange of key project documents for Project Oriole, its 162MW run-of-river hydropower project located at Hulu Sungai Padas, Sipitang. The ceremony, held today, was witnessed by Deputy Chief Minister Datuk Shahelmey Yahya who represented Chief Minister Datuk Seri Panglima Hajiji Noor. The ceremony marked the formal exchange of the Power Purchase Agreement (PPA) between Oriole Hydro Padas Sdn Bhd (OHP) and Sabah Electricity (SE) and the Engineering, Procurement, Construction and Commissioning (EPCC) contract between OHP and a consortium led by XD Power Transmission Sdn Bhd (XD Power). Project Oriole is a landmark private sector renewable energy investment for Sabah, aligning with the state's commitment to clean, sustainable development to support its economic ambitions. Developed through OHP, the project is a collaborative effort between JSB, Sabah Electricity and Yayasan Sabah, reflecting a shared commitment to ensuring that the project's long-term benefits are anchored within the state. Project Oriole is also the first new plant PPA signed under ECoS, marking the State's continuous efforts to meet the rising demand for reliable electricity. Scheduled to commence commercial operations by 1st June 2029 under a 40-year concession agreement with Sabah Electricity, Project Oriole will deliver renewable energy at a competitively set tariff of 31.5 sen per kilowatt-hour. This long-term tariff positions the project among the most affordable green energy initiatives in the region and highlights Sabah's ability to generate cost-effective, clean electricity while further strengthening the state's commitment to enhancing energy security. JSB Executive Chairman Datuk Beroz Nikmal Mirdin said, 'We are honoured to complete the PPA and EPCC exchange here in Sabah. This milestone underscores our dedication to advancing Sabah's Energy Roadmap 2040 and reflects our confidence in delivering affordable, green infrastructure that benefits both the state and its people.
