KUALA LUMPUR (Aug 20): SD Guthrie Bhd (KL:SDG) and Gamuda Bhd (KL:GAMUDA) have signed an agreement to develop solar energy assets targeting up to 1.2 gigawatt of accumulated capacity.
In the first phase, the partners will identify SD Guthrie’s unproductive or under-utilised land nationwide to assess their potential for solar power development, according to a joint statement on Wednesday. The parties also aim to own and operate the assets, including energy storage systems.
The tie-up aims to capture surging demand for renewable energy from industrial users and data centre operators seeking to meet their sustainability objectives, the companies said.
“Renewable energy is one of two new business verticals that we have identified as a growing pillar of SD Guthrie’s future. It is critical, both as a new and sustainable revenue stream and for our net-zero target,” said its managing director Datuk Mohamad Helmy Othman Basha.
SD Guthrie, the world’s biggest palm oil producer by acreage, has been public with its renewable energy ambition that could boost the value of its land while generating recurring income.
The company is now developing a 15-megawatt solar plant in Bukit Selarong, Kedah, under the Corporate Green Power Programme, which is slated to begin operations in the fourth quarter of 2025.
The new venture, Helmy said, will allow the company to meet demand from both public and private sector users under frameworks such as the Corporate Renewable Energy Supply Scheme, while also enhancing the long-term value of its land.
Gamuda, meanwhile, is seeking to expand its renewable energy portfolio in Malaysia and Australia across solar, wind, hydro, battery storage and transmission projects.
“Our exclusive partnership with SD Guthrie, who holds the largest nationwide land bank, uniquely positions our [joint venture] to provide renewable energy at scale for our multinational partners,” said Faris Mohd Yusof, executive director of Gamuda Engineering Sdn Bhd, a subsidiary of Gamuda.
Gamuda, the country’s biggest construction firm by revenue, has been beefing up its renewable energy portfolio, building a hydroelectric power plant in Sabah as well as solar and wind farms in Australia.
From left: SD Guthrie Bhd chief financial officer Renaka Ramachandran and group managing director Datuk Mohamad Helmy Othman Basha, Gamuda Bhd executive director Datuk Azmi Mat Nor, and Gamuda Engineering executive director Faris Mohd Yusof
