Page 9 - AsiaElec Week 32

AsiaElec RENEWABLES AsiaElec
private infrastructure Asia at Partners Group. Bango is part of the Grassroots Renewable Energy venture, a large-scale renewable energy platform established in May 2018 by Part- ners Group and CWP Renewables. On behalf of its clients, Partners Group has committed AUD700mn ($474mn) of equity investment
into Grassroots.
Bango follows the 270MW Sapphire Wind
Farm and the 135MW Crudine Ridge Wind Farm, both of which are also located in NSW.
e Sapphire Wind Farm became operational in December 2018 and was recently announced
as a supplier of renewable energy to the Sydney Opera House via its power purchase agreement (PPA) with energy provider Flow Power.
Grassroots Renewable Energy aims to develop up to 1.3 GW of wind and solar in Aus- tralia, said Grassroots Renewable Energy chair Benjamin Haan.
“Despite ongoing market challenges related to grid congestion and uncertainty in future green energy policy, there remains a compelling market opportunity for experienced developers and investors in renewable energy in Australia, particularly in New South Wales,” he added.™
POLICY
K-Electric says suspended power supply in Karachi
K-Electric said it has suspended power supplies to the ooded areas of Karachi on August 11 in the wake of lashing rains that has hit the city for past several hours.
“ ere are reports of water accumulating around power installations and entering homes,” said the city’s power utility.
“In the interest of public safety and
based on the requests received from the city administration, electricity supply to areas which face a state of urban ooding has been temporarily suspended.”
e city’s low-lying areas, such as Landhi, Ilyas Goth, Ibrahim Haideri, Majid Colony UC 4, Shah Faisal, Malir, Scheme 33, Rehri Goth and Korangi, which are prone to urban ooding, are yet again inundated, it said.
It pointed out that restoration e orts are also severely hampered because of the challenging conditions caused by the relentless downpours and water-logging which is now posing a serious threat to electricity installations.
K-Electric said it believes the city
NEWS IN BREIF
administration should declare a state of emergency in the city as uninterrupted torrential rains over several past hours has created a critical situation.
At least six people have died so far of electrocution and drowning a er heavy rains started almost 24 hours ago. e city received stormy rains overnight.
GRID
TNB’s monopoly in electricity market to remain
TNB will remain a monopoly in Malaysia’s electricity business despite proposed impending changes to the market, while
there is no rating impact from the company’s proposed internal reorganisation, according to Malaysian Rating Corp Bhd (MARC).
e rating agency said TNB’s reorganisation, involving the transfer of its domestic power generation and electricity retail businesses to two new wholly owned subsidiaries, will have no material impact on its overall credit pro le.
“TNB will maintain its monopoly status in electricity transmission and distribution in Peninsular Malaysia and Sabah, and have
signi cant electricity generation capacity through its subsidiaries,” it said in a statement.
MARC expects post its reorganisation, TNB would own a signi cant portion of the group’s regulated assets and generate the majority of group pro tability as it will maintain its single buyer status.
e rating agency continues to impute the high likelihood of government support due to TNB’s role as Malaysia’s principle energy provider and the government’s indirect majority ownership in the utility.
ese factors supported a two-notch rating upli from TNB’s standalone corporate credit rating to AAA, while the company’s RM2bn ($476mn) Al-Bai’ Bithaman Ajil bonds are rated AAAIS, MARC said.
On July 29, TNB announced it will
transfer the assets, liabilities and business undertakings of its domestic power generation and electricity retail segments to two newly- incorporated, but wholly owned companies.
e utility incorporated two wholly
owned subsidiaries — namely, TNB Power Generation Sdn Bhd (GenCo) and TNB Retail Sdn Bhd (RetailCo) — and both will operate under the purview of a separate board and management team.
National grid operations and electricity distribution will continue to operate under
Week 32 13 •August•2019
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