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

Following the launch of its first solar rooftop solution, M+ by PETRONAS last year, PETRONAS New Energy is now set to grow in the domestic renewable energy space with its first commercial customer, Tesco Stores (Malaysia) Sdn Bhd (Tesco).

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

The provision of the solar rooftop solution is now 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 in Malaysia.

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

Head of PETRONAS New Energy, Dr. Jay Mariyappan said: “This PPA is a testimony to our significant growth aspirations as a company that provides sustainable energy solutions. This first venture with Tesco, signifies our commitment in realising our vision of becoming a leading global provider of cleaner, reliable as well as cost-effective energy solutions”.

“Partnerships are imperative to succeed in the dynamic energy industry as it enables us to provide more competitive and customer-centric solutions.”

“Moreover, collaboration has always been a key enabler for PETRONAS to grow its businesses and support a mutual green and clean agenda, together with our partners,” he added.

Mr Glenn Lim, CEO of NEFIN Group, said: “We are proud to join forces with PETRONAS New Energy — combining our extensive expertise and experience in renewable energy, including the design and implementation of high safety and quality solar solutions, to support multi-national corporations to achieve their carbon neutrality goals.”

PETRONAS’ New Energy portfolio is set to grow further as the company is actively pursuing opportunities to expand the reach of its rooftop solar solutions to commercial and industrial sectors.

Currently, PETRONAS New Energy has more than 650MW of solar projects that are operating and under construction in India and Dubai, and over 1GW of projects under development.

NEFIN Group is a regional renowned solar developer with bespoke experience in solar system deployment and a committed partner to organsations to achieve carbon neutrality and do its part in the global efforts to fight against climate change. It has deployed over 300MW solar projects regionally. Amidst the COVID-19 pandemic, NEFIN Group managed to successfully complete several PV projects around Asia, including but not limited to, Bosch Automotive Nanjing, the largest Bosch solar project globally and St Paul’s College, one of Hong Kong’s most recognized school since its establishment in 1851.  

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Petroliam Nasional Berhad (PETRONAS) is a global energy and solutions company, ranked amongst the largest corporations on Fortune Global 500®.

PETRONAS New Energy is PETRONAS’ renewables business that currently includes M+ by PETRONAS which has more than 50MW of solar solutions under development with commercial and industrial customers in Malaysia, and its 100% owned distributed energy company, Amplus Energy Solutions that has more than 650MW of operating and under construction solar projects in India and Dubai. 

About NEFIN Group

Founded by core management team of DuPont Solar Business, legal expert and investment bankers, NEFIN Group has collectively delivered over 300MW of utility-scale, commercial and industrial rooftop solar systems regionally. The mission of NEFIN is about achieving carbon neutrality for 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 flexible financing options to partners who opt for zero investment. Please refer to NEFIN’s website www.nefinco.com for more information.

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