BUSINESS

SERENE SECURES RM1.88 BLN FINANCING FACILITY FOR GREEN HYDROGEN PROJECT IN PERAK

21/02/2024 09:16 PM

SINGAPORE, Feb 21 (Bernama) -- Semarak Renewable Energy Sdn Bhd (SeRenE), one of Malaysia’s players in renewable energy solutions, has successfully secured a financing package of RM1.88 billion (US$400 million) for its pioneering green hydrogen project in Perak.

The funding has positioned Malaysia to become a leading green hydrogen producer, harnessing the innovative floating photovoltaic power generation technology.

According to SeRenE managing director, Mohammad Shahil Ishak, the project has garnered significant interest from foreign investors who recognise the immense potential of hydrogen in shaping the future of energy.

Drawing parallels with renowned Japanese automakers like Toyota and Honda, which have heavily invested in hydrogen technology for cars, Mohammad Shahil expressed excitement about the transformative impact on various sectors, particularly automotive and shipping.

Encouraging local investor and government involvement, Mohammad Shahil highlighted the project's not only viability but also profitability, aligning with the growing demand for sustainable solutions.

The Perak-based initiative involves developing green hydrogen production using floating photovoltaic power generation, storage and logistics promising a significant shift towards sustainable energy practices.

Explaining the significance, Mohammad Shahil emphasised that green hydrogen production relies solely on clean energy supplies, setting it apart from conventional hydrogen sources like 'grey hydrogen' originated from fossil fuels or 'blue hydrogen' from natural gas, making it a cleaner alternative.

“If more projects are implemented, Malaysia is poised to lead the charge in the global green energy arena, attracting not just financial support but also earning the admiration of environmentally conscious leaders worldwide,” he said in a statement today.

The funding was finalised in Singapore on Feb 20, 2024 and facilitated by Capitale Ventures with Chalfouh LLC as advisory.

At the ceremony to sign the financing, SeRenE was represented by Mohammad Shahil while Capitale Venture was represented by its co-founder Willy Lim.

On Jan 17, PowerChina’s subsidiary China Hydropower (Malaysia) Co Ltd and SeRenE signed a RM1.88 billion deal involving the green hydrogen project.

The initiative involves the secondary development and utilisation of an abandoned tin ore lake, marking a significant contribution to Malaysia's green and low-carbon transformation, he said in a joint statement today.

Since entering the Malaysian market in 1993, PowerChina has successfully undertaken over 150 projects with a total contract value exceeding US$7 billion.

-- BERNAMA

 

 


 


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