Hatten to undertake RE projects with Nefin
18 Sep 2022
Hatten Land Ltd is working with Nefin Pte Ltd to develop, build and operate renewable energy projects, with a focus on solar energy generation, in Singapore and Malaysia.
Hatten signed an agreement on the joint venture through its wholly-owned Hatten Edge Pte Ltd.
Nefin is part of Nefin Group, a premium green independent power producer (IPP) offering bespoke carbon neutral technologies and financing solutions in Asia Pacific (APAC).
Nefin Group, funded by ACEN Corp, has collectively installed over 3,400 megawatts (MW) of utility-scale, commercial and industrial renewable energy systems.
ACEN is listed in the Philippines and is part of the Ayala Corp, one of the largest conglomerates in the Philippines.
Under the agreement, there is a funding target of US$10 million.
Nefin Group has committed to invest 90 per cent of the US$10 million and undertake the primary role of funding, fundraising support and establishing governance controls in relation to projects undertaken by the JV.
Hatten said Hatten Edge would take on the primary role of developer, operator, and manager of the renewable energy projects under the JV.
The US$10 million raised will be invested to develop, construct, and operate renewable energy projects, with capacity of 15 megawatt peak (MWp), with a focus on solar energy generation, in Singapore and Malaysia.
The group expects green energy generated from 15MWp solar projects to generate 18,000 megawatt hour (MWh) per year.
Nefin Group head of business development and managing director Chong Bor Hung said the group wanted to expand further into the Southeast Asia market as there was great potential with many governments and large corporations stepping up on their green plans and injecting funds into renewable energy.
“One of the keys to our sustained growth is strategic partnerships. We provide funding and corporate support for our partners, including MNCs and public listed companies throughout APAC, to help them grow and achieve their renewable energy goals.
“Hatten is working exclusively with Nefin and we are confident that more projects will be secured in Singapore and Malaysia in the upcoming months with Trend Technologies Singapore being the first to kickstart this joint partnership,” he said.
Hatten general manager Reik Ong said with sustained high prices of fossil fuels, lower costs of solar photovoltaics (PV) and a greater emphasis on ESG, there were stronger value propositions and better cost efficiencies for wider adoption of solar energy as energy demand continues to rise.
“We see growing interest from enterprises in Southeast Asia on solar energy adoption and together with Nefin Group, we are fully ready to support their growing need for green energy and reduce their dependence on fossil fuels,” he said.