Singapore green fund boosts stake in Jentayu Sustainables ahead of Sabah hydro project

A Singapore-based green investment fund has boosted its stake in Jentayu Sustainables Berhad to around 13.06%, signaling strategic, long-term interest ahead of a major hydroelectric project in Sabah. The fund acquired an additional 22 million shares, bringing its total holding to 71.1 million shares.

Jentayu Sustainables is spearheading Project Oriole, a 162MW run-of-river hydroelectric project valued at RM2.8 billion in Sipitang, Sabah. This project, owned through its 70% subsidiary Oriole Hydro Padas Sdn. Bhd., is one of Sabah's largest private renewable energy investments. The project has secured a 40-year Energy Purchase Agreement with Sabah Electricity Sdn. Bhd., ensuring long-term power offtake.

Upon completion, Project Oriole is expected to supply about 16% of Sabah's peak electricity demand. It aligns with Sabah's 2040 Energy Roadmap and Master Plan (SE-RAMP 2040), which aims for over 50% of the state's energy generation to come from renewable sources by 2035. The project is currently progressing towards financial close.

Jentayu Sustainables, formerly known as Ipmuda Berhad, is transitioning towards a renewable energy business while maintaining operations in building materials trading and healthcare. The PK Green Fund focuses on environmental and social impact investments, including renewable energy in emerging markets, seeking long-term financial returns alongside measurable sustainability impact.

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PK Green Fund memaklumkan bahawa pelaburanannya adalah bersifat strategik dan berorientasikan jangka panjang.