MGB Bhd, a construction and property development solutions provider and subsidiary of LBS Bina Group Bhd, announced that its subsidiary Retro Court Sdn Bhd (RCSB) has entered into a framework agreement with Invest Energy Sdn Bhd (IESB).

RCSB is a developer and operator of 1,007 acres (407.5ha) of heavy industrial land in Kerteh Terengganu Industrial Park (KTIP) whereas IESB is a leading clean energy solutions developer and investor of, among others, renewable energy and energy efficiency solutions such as waste heat recovery, biomass, biogas, solar and/or cogeneration plants.  

Under the agreement, both parties aim to collaborate and explore the potential design, finance, build, operation, as well as maintenance of a centralised utility facility technology in KTIP.

Pursuant to the terms of the Agreement, IESB shall provide a combination of various utilities such as power, steam and cooling at a designated area to be determined by RCSB, towards improving KTIP’s energy efficiency and environmental footprint.

The agreement will be effective from Dec 14, 2022 for a period of one year.

MGB executive vice chairman Tan Sri Lim Hock San said contributing to the green transition agenda is one of the priorities for the group.

“We are optimistic that our collaboration with IESB will offer positive growth potential in our drive towards producing clean energy, reducing energy costs and improving efficiency within KTIP,” he said.

IESB group MD Anand Ramakrishnan said IESB will be undertaking the investment via its joint-venture partnership with Swiss ESG Fund, SUSI Asia Energy Transition Fund based in Singapore.

“This project will further support MGB’s aim of bringing in world-class MNC companies into KTIP that are conscious about climate change. We both share a common interest which is to contribute towards net zero 2050 and accelerating decarbonisation,” he said. ― TMR