KUALA LUMPUR: Tenaga Nasional Bhd (TNB) is picking up pace on its global environmental, social and governance (ESG) effort with the launch of Vantage RE Ltd, a renewable energy (RE) investment and asset management company.
TNB said Vantage RE would own, operate and manage a portfolio of RE assets in the United Kingdom (UK) and throughout Europe.
"Vantage is set to be a vital component of TNB's purpose-driven journey, which is anchored on the ESG practices in the Malaysian national utility's business," it said in a statement today.
TNB president and chief executive officer Datuk Baharin Din said the international RE business was a priority for the group to thrive in the long term.
Baharin said in keeping with its aspiration as the leading provider of sustainable energy in Malaysia and internationally, TNB would continue to invest substantially in this area.
"We believe that these activities will contribute extensively towards global low-carbon generation and further accelerate TNB's commitment towards its ESG goals.
"We understand the importance of ESG to investors in line with their values and priorities of their investment decisions," he said.
Baharin said with Vantage RE, TNB was on track to achieve its overall target of 8,300 megawatts (MW) of RE capacity.
"Therefore, in line with TNB's global ESG vision, we will continue to grow the RE portfolio in our focus markets, leveraging on existing assets, experience, and capabilities," he added.
Headquartered in London, Vantage RE will be led by Vian Davys, who holds more than 20 years of experience in the RE sphere in the UK and globally.
With an experienced team of local hires in the UK working alongside TNB's Malaysian talents, Vantage RE is positioning itself swiftly for growth in the market, consistent with TNB's position as an experienced and reliable player in the UK's energy sector.
The immediate growth plan of Vantage RE will be focused on the acquisition of subsidised Renewable Obligation Certificates (ROCs) and Feed- in-Tariff (FiT) assets across the UK and Ireland.
In May this year, Vantage RE completed the acquisition of an additional onshore wind turbine with revenue contracted under the FiT scheme, bringing the total wind capacity in the company to 26.6MW.
It has also built a sizeable acquisition pipeline of operational assets including those to be acquired via competitive bidding.