Infocase news agency reported that the World Bank has signed a memorandum of understanding with Malaysia to develop the Southern Johor Renewable Energy Corridor (SJREC) project in Johor, worth a total of US$6 billion.
The agreement was signed between the International Finance Corporation (IFC), the World Bank’s private sector arm; Permodal Darul Ta’zim, the Johor State Strategic Investment Agency; and Ditrolik Energy, an integrated energy operator.
The three agencies stated in a statement that the 2,000-square-kilometer hybrid solar and energy storage project in the province aims to provide clean electricity to support the country’s industrial development and support the ASEAN grid interconnection project through cross-border electricity trading.
The memorandum of understanding, signed alongside the launch of the Renewable Energy Policy 2030, establishes a collaborative framework to oversee the development of ASEAN grid interconnection projects through cross-border electricity trading.