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Friday, December 16, 2016

TNB aims 20% of earnings from overseas

Thursday, 15 December 2016 | MYT 2:38 PM

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) is aiming to derive 20% of its earnings from overseas by 2025.

The main power company in Malaysia said this would be driven by its aspirations for further growth as growth at home tapers due to the country’s shift of focus towards the services industry.

“There has been a decoupling of electricity demand growth from the GDP (gross domestic product) growth figures and so we will look outside of the country to diversify our revenues,” TNB’s president and chief executive officer Datuk Seri Azman Mohd said at a press conference today.

The group said that overseas contribution to itself is now at a negligible level but expects to put more focus on growing this contribution moving forward.

On Monday, Starbiz reported that TNB was aggressively expanding its global footprint, eyeing opportunities in South-East Asia, South Asia and in the Middle East,

To recap, TNB has made two notable overseas investments via a 30% stake in GAMA Enerji, Turkey and a 30% stake in GMR Energy, India for US$300mil this year.

TNB’s interest Turkey would pave the way for TNB to capitalise on latent opportunities in the region’s power plant operation and maintenance services sector.

GAMA Enerji currently has a 840MW natural gas-fired plant and a 45MW wind power plant under construction in Turkey which will come online at the end of 2016. It has also developed and operates a large water conveyance project in Jordan.

GMR Energy owns and operates 2,298MW of coal, gas and solar assets in India.

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