KUALA LUMPUR: Jentayu Sustainables Bhd shareholders have at its EGM today approved the proposed sale of leasehold land in Petaling Jaya to Beacon ACM Sdn Bhd and private placement of up to 30% of its total issued shares.
Both proposals are expected to raise up to RM78 million in cash which will mainly be utilised to partially finance its Project Oriole in Sabah – one of the nation’s largest run-of-river hydropower projects. Run-of-river hydropower systems harvest energy from flowing water from a river to generate electricity without the need for a large dam and reservoir.
“Project Oriole demonstrates our commitment to meet the power supply requirements in Sabah and ultimately support Malaysia’s energy transition efforts and renewable energy goals. It will utilise the run-of-river hydropower technology that can mitigate environmental impact especially compared to dams. The project looks set to significantly address the energy trilemma in finding a balance between security, affordability and sustainability in energy access and use,” said executive chairman Datuk Beroz Nikmal Mirdin (pix).
Project Oriole, scheduled for completion by 2026, will have a total installed capacity of up to 170MW and an annual generation capacity of around 920GWh, or 16% of Sabah’s total electricity demand and contribute to annual carbon avoidance of more than 800,000 tonnes. It is estimated to cost RM2.56 billion, which will principally be funded by the issuance of RM2 billion green sukuk to be arranged by a local investment bank.
Besides Project Oriole, Jentayu Sustainables is finalising the proposed acquisition of Telekosang Hydro One Sdn Bhd and Telekosang Hydro Two Sdn Bhd small hydropower plants, also in Sabah, that boasts a combined power output of 40MW.
