Tenaga Nasional Bhd’s (TNB) shares on Bursa Malaysia went up in the early session on Monday as the national power utility company announced that it has secured financing for its Large Scale Solar Mentari (LSS4) project in Bukit Selambau, Kedah last week.
At 11.21 am, the counter rose by 1.0 sen to RM8.04, with 467,800 shares changing hands, according to Bernama.
In a statement on Friday, TNB said its wholly-owned special purpose vehicle company, TNB Bukit Selambau Solar Dua Sdn Bhd (TBSS2) has secured the financing of up to RM185 million for the project.
The group said that this is its third large-scale solar (LSS) project in Bukit Selambau, under the government’s LSS4 programme, and TBSS2 had successfully completed the financial close on Sept 30, 2022, as per schedule.
It said the solar project has a capacity of 50 megawatts (MWac), and is being developed on an area spanning 70.82 hectares, next to TNB’s second LSS in Bukit Selambau.
The project is expected to achieve commercial operations in December 2023.