Energy companies from Singapore, Malaysia, and Vietnam have signed a joint development agreement to explore cross-border renewable energy links, focusing on exporting offshore wind power from Vietnam.
Through this agreement, Malaysia, as represented by MY Energy Consortium, a consortium established by Tenaga Nasional Berhad and Petroliam Nasional Berhad, will collaborate with a consortium comprising PetroVietnam Technical Services Corporation (PTSC) and Sembcorp Utilities, a wholly-owned subsidiary of Singapore-based Sembcorp Industries.
Under the agreement, which was announced during an ASEAN summit in Kuala Lumpur, the consortia will evaluate the feasibility of exporting renewable energy from Vietnam to Malaysia and Singapore via a new subsea cable and through the Peninsular Malaysia National Grid.
“Malaysia’s participation in this initiative reflects our strong commitment to the ASEAN Power Grid vision, which aims to strengthen regional energy security through the creation of a power transit hub. This tripartite partnership is a step forward in advancing transnational green infrastructure, tapping into Vietnam’s renewable energy potential, and delivering stable, low-carbon electricity to communities and businesses,” said members of the MY Energy Consortium, Datuk Ir. Megat Jalaluddin Megat Hassan , President/Chief Executive Officer of Tenaga Nasional Berhad, and Tan Sri Tengku Muhammad Taufik , President and Group Chief Executive Officer of PETRONAS, in a joint statement.
According to the partners, the agreement would open pathways for a scalable model of cross-border renewable energy cooperation in Southeast Asia.
Singapore’s target is to import around 6 GW of low-carbon electricity by 2035, which is around one-third of the nation’s energy demand.
Vietnam has several nearshore wind farms in development and operation, and a 2030 offshore wind target of 6 GW, with the government aiming to reach between 70 GW and 91.5 GW by 2050.