Malaysia's National Energy Corporation (Tenaga) will increase its PV and wind investments in existing markets in Malaysia and the UK, as well as in new markets such as Spain and Vietnam. Tenaga will also invest 90 million ringgit in projects to stimulate domestic adoption of electric vehicles (EVs) over the next three years.
Tenaga Nasional Bhd (TNB), a Malaysian utility company, officially announced recently that the company’s development goal is to invest about MYR20 billion in capital expenditure annually by 2050 to accelerate its energy transition plan.
The company is aiming for its power generation arm TNB Genco to receive RM40 billion in funding from it.
TNB's decarbonization plan will boost Genco's enterprise value for the possibility of an IPO. The company is also continuing to explore natural gas and hydropower projects in Southeast Asia, with a target of 800 megawatts of installed capacity by 2050.
The company's new energy division will expand its renewable energy portfolio, targeting an installed capacity of 14.3 GW by 2050, with an equity investment of $7 billion. The unit will increase its PV and wind investments in existing markets in Malaysia and the UK, as well as emerging markets such as Spain and Vietnam.
Tenaga will also invest MYR 90 million over the next three years in projects to stimulate electric vehicles (EVs) in Malaysia. The company aims to achieve a production target of 500,000 electric vehicles in Malaysia by 2030, thereby generating 1.25 billion ringgit in electricity sales revenue per year.
