Suria Capital Holdings Berhad (Suria) is expanding into the power generation sector through a proposed joint venture to develop a 100-megawatt (MW) gas peaking power plant in Kimanis Industrial Zone.
The company announced that its wholly owned subsidiary, SCHB Engineering Services Sdn Bhd (SCES), had entered into a shareholders’ agreement with NRG Consortium (Sabah) Sdn Bhd (NRG) and Suria Powergen 1 Sdn Bhd (SP1SB) on May 12, 2026 to regulate the development, construction, operation and ownership of the project.
The proposed joint venture follows the approval granted by Majlis Tenaga Sabah (MTS) and the issuance of a Letter of Notification (LoN) by the Energy Commission of Sabah (ECoS) to a consortium comprising SCES and NRG for the project.
The gas peaking power plant, with a planned capacity of 100MW, will be developed in Kimanis, Sabah, adjacent to existing facilities operated by Kimanis Power Sdn Bhd and Sabah Electricity Sdn Bhd.
Suria said the venture marks its first major foray into the large-scale power generation sector as part of efforts to diversify beyond its existing core businesses in port management, logistics, bunkering, property development and leasing.
The company noted that the collaboration with NRG would allow it to leverage the latter’s experience and technical expertise in the energy sector. NRG, a wholly owned subsidiary of Innoprise Corporation Sdn Bhd, has an established track record in Sabah’s power industry through its joint ventures with Petronas Gas Berhad.
Among others, NRG jointly owns and operates a 285MW combined-cycle gas turbine plant in Sabah through Kimanis Power Sdn Bhd and is also involved in developing another 100MW gas-fired peaking plant via Kimanis Power (Dua) Sdn Bhd.
According to Suria, the proposed joint venture structure enables both parties to share financial commitments, technical responsibilities and project risks, which is important given the capital-intensive nature of power generation projects.
The company said the project is expected to support Sabah’s growing electricity demand while enhancing grid stability in the state.
Suria added that the partnership would also help the group build internal expertise in the energy sector through operational involvement and knowledge transfer, potentially positioning the company for future participation in additional power and energy-related projects.
The company said the board believes the proposed joint venture is in the best interest of the group as it could provide sustainable earnings growth, strengthen long-term strategic positioning and enhance shareholder value through exposure to the essential infrastructure sector.
