TNB backs 35MW Sri Lanka project

State-owned Malaysian utility Tenaga Nasional Bhd (TNB) has signed an agreement to invest in a 35MW hybrid wind and solar power project in Jaffna, Sri Lanka.

The deal was signed with the Malaysian developer KLS, and will see TNB acquire a stake in its subsidiary KLS Energy.

Sri Lankan-based KLS Energy has been granted a 20-year concession to develop the renewable energy project by the Ceylon Electricity Board.

No further details were given regarding the nature of the stake or the project.

TNB's investment is subject to the utility being satisfied with the results of due diligence exercise and the fulfillment of certain terms and conditions, it said.