PETRONAS New Energy Teams Up With NEFIN Group to Power 15 Tesco Stores in Malaysia with Renewable Energy

July 21, 2020 - 04:23
PETRONAS New Energy Teams Up With NEFIN Group to Power 15 Tesco Stores in Malaysia with Renewable Energy

HONG KONG, CHINA - Media OutReach - 21 July 2020 - Following the launch of its firstsolar rooftop solution, M+ by PETRONAS last year, PETRONAS New Energy is now setto grow in the domestic renewable energy space with its first commercialcustomer, Tesco Stores (Malaysia) Sdn Bhd (Tesco).

In delivering its commitment to Tesco, PETRONASNew Energy has collaborated with NEFIN Group,a regional renowned bespoke solar developer, and formed a joint-venture companytogether known as NE Suria Satu Sdn Bhd (NESS), to provide a solar rooftopsolution covering design, installation, operation and maintenance of solarphotovoltaic panels for selected Tesco stores nationwide.

The provision of the solar rooftop solution isnow ongoing until 2040, after the signing of a 20-year Power Purchase Agreement(PPA) between NESS and Tesco, the largest commercial solar PPA of its kind inMalaysia.

The first phase of the project will collectivelygenerate about 18 gigawatt hours (GWh) of clean energy per year from the 15selected Tesco stores around the northern and central regions of PeninsularMalaysia, enabling Tesco Group to achieve its goal of becoming a zero-carbonbusiness by 2050.

Head of PETRONAS New Energy, Dr. Jay Mariyappansaid: "This PPA is a testimony to our significant growth aspirations as acompany that provides sustainable energy solutions. This first venture withTesco, signifies our commitment in realising our vision of becoming a leadingglobal provider of cleaner, reliable as well as cost-effective energysolutions".

"Partnerships are imperative to succeed inthe dynamic energy industry as it enables us to provide more competitiveand customer-centric solutions."

"Moreover, collaboration has always been akey enabler for PETRONAS to grow its businesses and support a mutual green andclean agenda, together with our partners," he added.

Mr Glenn Lim, CEO of NEFIN Group, said: "We areproud to join forces with PETRONAS New Energy -- combining our extensiveexpertise and experience in renewable energy, including the design andimplementation of high safety and quality solar solutions, to supportmulti-national corporations to achieve their carbon neutrality goals."

PETRONAS' New Energy portfolio is set to grow furtheras the company is actively pursuing opportunities to expand the reach of its rooftopsolar solutions to commercial and industrial sectors.

Currently, PETRONAS New Energy has more than650MW of solar projects that are operating and under construction in India andDubai, and over 1GW of projects under development.

NEFIN Group is a regional renowned solardeveloper with bespoke experience in solar system deployment and a committedpartner to organsations to achieve carbon neutrality and do its part in theglobal efforts to fight against climate change. It has deployed over 300MWsolar projects regionally. Amidst the COVID-19 pandemic, NEFIN Group managed tosuccessfully complete several PV projects around Asia, including but notlimited to, Bosch Automotive Nanjing, the largest Bosch solar project globallyand St Paul's College, one of Hong Kong's most recognized school since itsestablishment in 1851.  

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Petroliam Nasional Berhad (PETRONAS) is aglobal energy and solutions company, ranked amongst the largest corporations onFortune Global 500®.

PETRONAS New Energy is PETRONAS' renewablesbusiness that currently includes M+ by PETRONAS which has more than 50MW ofsolar solutions under development with commercial and industrial customers inMalaysia, and its 100% owned distributed energy company, Amplus EnergySolutions that has more than 650MW of operating and under construction solarprojects in India and Dubai. 

AboutNEFIN Group


Founded by core management team of DuPont SolarBusiness, legal expert and investment bankers, NEFIN Group has collectivelydelivered over 300MW of utility-scale, commercial and industrial rooftop solarsystems regionally. The mission of NEFIN is about achieving carbon neutralityfor companies. The group offers consulting services such as due diligence,feasibility studies and lender-technical advice on top of project development,system design, engineering and asset management. NEFIN Group also offers flexiblefinancing options to partners who opt for zero investment. Please refer toNEFIN's website for more information.