PETALING JAYA: A consortium comprising Gamuda Bhd, SD Guthrie Bhd and Gentari Sdn Bhd, through G3nerasi Kinta Sdn Bhd, has entered into a term sheet with a multinational technology company headquartered in the US for a proposed 680MWac hybrid solar photovoltaic and battery energy storage system (BESS) project in Perak.
According to a filing with Bursa Malaysia, Gamuda said the term sheet provides for a proposed 21-year bilateral energy supply contract (BESC) to supply renewable energy to the technology company’s data centres under the Corporate Renewable Energy Supply Scheme (CRESS).
G3nerasi Kinta is wholly owned by G3nerasi Mutiara Sdn Bhd, which is held 33% by Gamuda, 33.5% by SD Guthrie Renewable Energy Sdn Bhd and 33.5% by Gentari Renewables Sdn Bhd.
The project will comprise a utility-scale solar photovoltaic plant with a minimum net registered capacity of 680MWac, coupled with a four-hour BESS.
The proposed BESC will run for 21 years from the commercial operation date (COD), with COD targeted for 2029.
Gamuda said the project is estimated to generate gross revenue exceeding RM10 billion over the proposed 21-year offtake period.
The project is expected to provide the group with long-term recurring earnings visibility while expanding its presence in utility-scale renewable energy and energy storage solutions.
Gamuda said the project is aligned with its long-term environmental, social and governance strategy and net-zero commitments.
The project is expected to be funded through a combination of project financing and equity contributions from the consortium partners in proportion to their respective equity interests.
Gamuda said the project is expected to contribute positively to its revenue and earnings from the financial year ending July 31, 2027.
The execution of the BESC and relevant agreements under CRESS is targeted for completion by the first quarter of 2027.
The scheduled COD in 2029 remains subject to the execution of a Renewable Energy Supply Access Agreement with grid owner Tenaga Nasional Bhd and receipt of the required CRESS approvals.
