Nazmi expressed confidence in Vantage’s expansion and the UK’s know-how in pursuing the challenging Energy Transition objectives.
Vantage RE Ltd, a subsidiary of Tenaga Nasional Berhad (TNB) in the UK, has entered the European renewable energy market, which is a significant step in energy transition of Malaysia.
According to Malaysia’s Minister of Natural Resources, Environment, and Climate Change (NRECC), Nik Nazmi Nik Ahmad, this action will give Malaysia invaluable insights that will speed up the nation’s responsible Energy Transition (ET).
Malaysia aims to maintain its economic resiliency while taking advantage of the economic opportunities presented by sustainable growth.
Malaysia recognises the significance of successfully navigating the energy transition while balancing issues like energy security, affordability, and environmental sustainability. Additionally, the transition will speed up the transfer of technology and improve human capital capabilities.
Vantage RE, with its headquarters in London, was created in 2021 as a component of TNB’s global environmental, social, and governance (ESG) initiatives. It has a portfolio of renewable energy assets in the UK and Europe that it owns, manages, operates, develops, and presently includes over 630 MW of solar, onshore, and offshore wind projects.
Nik Nazmi praised TNB for its outstanding accomplishments in leading Malaysia’s ET, lowering its carbon footprint, and embracing renewable energy both domestically and internationally during his recent working visit to Vantage RE in London. The valuable knowledge and experience that TNB’s UK RE business will bring back to Malaysia was stressed by the speaker.
In Northeast England’s Blyth, Nik Nazmi inaugurated Vantage RE’s new corporate headquarters and paid a visit to one of its offshore wind farms. The offshore wind farms are effective clean energy generation assets that are run in collaboration with EDF Renewables UK & Ireland.
Nazmi expressed confidence in Vantage’s expansion and the UK’s know-how in pursuing the challenging Energy Transition objectives. He emphasised that Malaysia wanted to be a key player in the ASEAN Power Grid and expressed the hope that the UK’s insights would be invaluable in helping Malaysia realise this goal.
The UK government’s commitment to expanding its wind and solar capacity is consistent with Vantage RE’s goals for the expansion of its core businesses.
The UK government’s Review of Electricity Market Arrangements (REMA), which was introduced in 2022, aims to increase energy security and lower consumer electricity costs. With this action, electricity prices will be stabilised and reduced, favouring renewable energy sources over erratic energy sources like gas. As TNB grows in the European RE market, the UK continues to be its primary focus market.
Accompanying Nik Nazmi during the visit were Dato’ Mohamad Razif Abd Mubin, Deputy Secretary General (Energy), NRECC; Mohammed Rashdan Mohd Yusof, Energy Commission Chairman; Dato’ Ir. Ts. Abdul Razib Dawood, CEO of the Energy Commission; Siti A’liah Mansor, Counsellor (Multilateral), Malaysia High Commission in London; Dato’ Indera Ir. Baharin Din, TNB President and CEO; and Zarihi Hashim, TNB’s Chief New Energy Officer.
The significance of Vantage RE in TNB’s journey towards a responsible energy transition is emphasised by Dato’ Indera Ir. Baharin. TNB is well-positioned to succeed in the global renewable energy market thanks to its experience in the UK. To accelerate RE growth and develop capabilities in international markets, the company intends to invest a sizable amount in foreign businesses.
As part of the Energy Transition, this will aid Malaysia in setting up incentives for vital technologies like Battery Energy Storage Systems (BESS), hydrogen, and Carbon Capture, Usage, and Storage (CCUS). By 2035, TNB intends to reduce its emissions intensity by 35% and coal generation capacity by 50%.
The CEO of Vantage RE, Vian Davys, also reaffirmed their dedication to the cause, saying, “At Vantage, we’re committed to increasing our renewable capacity to satisfy the growing demand for clean energy and, more broadly, developing TNB’s capability to meet the challenges of the future.
In addition to the 102 MW currently under construction and the 530 MW currently in our portfolio, we intend to strategically increase our footprint in new markets and technologies that present promising growth prospects.