MGB announced that its subsidiary Retro Court has entered into a Framework Agreement with Invest Energy. RCSB is a developer and operator of 1,007 acres of heavy industrial land in KTIP whereas IESB is a leading clean energy solutions developer and investor of, among others, renewable energy and energy efficiency solutions such as waste heat recovery, biomass, biogas, solar and/or cogeneration plants.
Under the Agreement, both parties aim to collaborate and explore the potential design, finance, build, operation, and/or maintenance of a Centralised Utility Facility (CUF) Technology in KTIP. Pursuant to the terms of the Agreement, IESB shall provide a combination of various utilities such as power, steam and cooling at a designated area to be determined by RCSB, towards improving KTIP’s energy efficiency and environmental footprint.
The signing of the Agreement took place at LBS’ headquarters in Plaza Seri Setia, Selangor. MGB Executive Vice Chairman Tan Sri Lim Hock San signed on behalf of RCSB while IESB was represented by its Group Managing Director, Anand Ramakrishnan. The signing was witnessed by MGB Group Managing Director, Datuk Wira Joey Lim Hock Guan and IESB Executive Director and Chairman, Azizi Bin Meor Ngah.
The Agreement will be effective from 14th December 2022 for a period of one year unless terminated by either party or both parties enter into a Definitive Agreement.
MGB Executive Vice Chairman Tan Sri Lim Hock San said, “Contributing to the green transition agenda is one of the priorities for the Group. We cannot afford to ignore today’s energy or climate crisis. The wealth of resources available in KTIP is abundant and part and parcel of our role is to consider the energy efficiency and environmental footprint arising from the development. We are optimistic that our collaboration with IESB will offer positive growth potential in our drive towards producing clean energy, reducing energy costs and improving efficiency within KTIP.”
IESB Group Managing Director Anand Ramakrishnan said, “We are thrilled to be developing the first of its kind integrated green energy plant with MGB in Malaysia. IESB will be undertaking this investment via its joint venture partnership with Swiss ESG Fund, SUSI Asia Energy Transition Fund based in Singapore. This project will further support MGB’s aim of bringing in world class MNC companies into KTIP that are conscious about climate change. We both share a common interest which is to contribute towards net zero 2050 and accelerating decarbonization.”
