Citaglobal and Reneuco create SPV for ECRL IPP project

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

Citaglobal Bhd has announced it would lead the Citaglobal Reneuco ECRL Energy Solution Sdn Bhd consortium in the East Coast Railway (ECRL) Independent Power Producer (IPP) project. 

Citaglobal will contribute 60% and Reneuco 40% of the special purpose vehicle (SPV) initial share capital of MYR500,000 (US$112.603), of which Citaglobal is required to contribute MYR300,000 (US$67.561) and Reneuco RM200,000 (US$45.041) respectively. Citaglobal will take the lead in negotiations with Malaysia Rail Link Sdn Bhd (MRL) to finalize the terms of the IPP project. 

MRL is developing the ECRL project and will manage it in a 50:50 joint venture with China Communications Construction Company. Citaglobal and Reneuco won the tender to develop the IPP project for the ECRL network last December. Citaglobal Reneuco ECRL Energy Solution Sdn Bhd will finance, build and operate the project. The SPV offer includes the supply of renewable energy to commercial or industrial parks along the 640 km ECRL route.

ECRL network PPP project involves the development of a 640-km railway link connecting different parts of the east coast region with the west coast region in Malaysia. The rail line will connect state capitals, major urban centers, industrial centers, ports, airports and tourist areas and interchanges with existing rail lines.


Share this update