A US$300 million (RM1.37 billion) worth of global energy infrastructure and technology deal has been sealed between global investment firm RRJ Capital (RRJ) and Yinson Holdings Bhd, a transport and logistics company, on Aug 18.
Witnessed by Transport Minister Loke Siew Fook, the five-year collaboration agreement was also signed by Farosson, the advisory, investment and asset management arm of the Yinson group.
Yinson group executive chairman Lim Han Weng said the partnership allows the parties to leverage each other’s strengths, resources and expertise to execute technology-driven energy infrastructure and technology projects.
“This partnership will also help to drive economic development, improve lives and accelerate the region’s transition to a low carbon environment,” he said at the ceremony.
Yinson is also involved in the construction of marine “green mobility”, where it is building an electric passenger ferry.
Loke hopes more private companies would introduce electric ferries.
“When we mention electric vehicles (EVs), it should not be only on cars and motorcycles.
“For me, this is a good effort because if private companies can invest in and introduce products that are more environmentally friendly to the transport sector, this is certainly something that is welcomed by the government, especially the Transport Ministry (MoT),” he told reporters after attending the signing ceremony.
Loke, however, said it certainly requires a “buy-in” from the operator and Yinson has already introduced a number of ownership concepts including electric motorcycles that offer hire-purchase schemes.
“Many delivery companies need motorcycles, but if they all require big investments, maybe these private companies will not be interested,” he said.
The minister added that the hire-purchase scheme is able to attract the attention of more companies, especially small and medium enterprises (SMEs) to explore vehicle ownership, in addition to adapting to EVs.
“I noticed that today’s investment is very good because it can boost Malaysia on the EV ownership map because our take-up rate in EVs is still low.
“If these delivery companies can start using electric motorbikes, I think this is a trend that can be expanded.”
Loke said a robust transportation infrastructure is the backbone of a country’s growth and prosperity, leading to a smooth movement of passengers and goods nationwide.
Emphasising that the MoT is responsible for designing a roadmap to deliver an intelligent, connected, convenient and safe transportation system, he said the government must develop and drive strong policies to support it.
“One such policy is the National Transportation Policy (NTP) which addresses the needs of our future in relation to transportation infrastructure,” he said.
The NTP, launched in 2019, is a long-term plan aimed at transforming Malaysia’s transportation system to be more integrated, efficient, and sustainable.
“It also aligns with the United Nations Sustainable Development Goals, which aims to achieve a more sustainable future for all,” Loke added.
The government is confident that the country’s advancement towards a green transport ecosystem will contribute significantly to achieving a 45% reduction of greenhouse gas emission intensity of GDP by 2030.
“This tripartite partnership ticks all the right boxes, in terms of setting a good benchmark for meaningful green initiatives,” he said.
RRJ Capital chairman and CEO Richard Ong remarked that this long-term strategic partnership represents a significant milestone in its pursuit of shaping the future of energy and infrastructure projects globally.
“This is RRJ’s first capital investment process that we started about five weeks ago,” he said.
During the event, guests participated in an experiential showcase featuring solutions for a clean, integrated and technology-enhanced ecosystem across the marine, mobility and infrastructure segments.
The showcase included Yinson GreenTech’s (YGT) electric bikes with swappable batteries, rydeEV, electric vehicle leasing solution, drivEV, and EV charging infrastructure, chargEV.
Loke believes that participation of stakeholders from both the government and private sector, such as Yinson, is crucial to accelerate the implementation of low-carbon mobility initiatives outlined within the NTP.
Moving forward, Ong hopes this will be the first of many investments that RRJ Capital looks forward to making with Malay- sia, including in other areas like logistics, healthcare and financial services.