Terengganu Inc, TNB Genco Launch 2,000MW Floating Solar Farm At Lake Kenyir

KUALA TERENGGANU, Sept 11 (Bernama) -- Terengganu Incorporated (Terengganu Inc), in collaboration with TNB Power Generation Sdn Bhd (TNB Genco), has launched a floating solar farm at Lake Kenyir, expected to generate up to 2,000 megawatts (MW) of electricity.

Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar announced that, within the next six months, the project will produce 400MW of electricity, with an investment of RM2 billion.

He highlighted that the initiative aims to boost the state's revenue.

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“This aligns with the state government's goal of generating 1,000MW of solar energy within the next five years, boosting Terengganu's energy capacity by more than 30 per cent by 2025.

“Furthermore, Terengganu Inc is advancing the national agenda by encouraging all subsidiaries to adopt solar energy through the installation of panels at their business premises,” he said during his speech at last night's Dinner Ceremony for Terengganu Inc's Board of Directors Corporate Training Programme.

Ahmad Samsuri, who also chairs the state-owned investment holding company, reported significant growth in the group's revenue, rising from RM964 million in 2018 to RM1.5 billion last year, an increase of RM558 million.

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He noted that Terengganu Inc recorded a pre-tax loss of RM43 million in 2018 but turned around with pre-tax profits of RM78 million in 2021, RM76 million in 2022, and RM46 million in 2023.

"For this year, the group is targeting revenue of RM1.8 billion, which represents a 24 per cent increase from last year. Profit before tax is expected to reach RM100 million," he said.

Looking ahead, Ahmad Samsuri said Terengganu Inc would take strategic steps to ensure sustained profitability, including reducing reliance on oil palm plantations by halting the expansion of plantation areas.

Instead, the group will focus on improving operational efficiency in existing plantations.

"In addition to renewable energy projects, we are working on solar energy initiatives for international markets under the Cross Border Energy Sale (CBES) programme.

"We are also progressing with a sustainable Carbon Credit programme, which has the potential to generate new revenue for both the company and the state. Terengganu Inc is currently running two pilot projects aimed at realising these new income streams," he said.

Ahmad Samsuri revealed that the group is also exploring opportunities in the burgeoning healthcare sector, which has grown markedly over the past three years and is expected to reach RM900 million by 2030, up from its current value of over RM300 million.

“In addition, there is a high-potential project that a government-linked company (GLC) may undertake, though I cannot disclose the details at this time. In shaa Allah, this project, valued at over RM1 billion, will come to fruition,” he added.

-- BERNAMA