Micro And Mini Hydro Solutions
Micro And Mini Hydro Solutions
Business Model Description
Invest in companies offering turnkey solutions via B2B models to industrial and commercial premise owners or via B2G models for various applications including rural electrification and off-grid supply. Solutions include the design, installation and maintenance of micro and mini hydro systems. Revenue streams include equipment sales, selling the generated electricity to the grid, and operations, maintenance and consulting fees. Examples of companies active in this space are:
Amcorp Properties Berhad (AmProp) is an MNC engaged in real estate and renewable energy activities, including predominantly hydro. AmProp builds and operates mini hydro plants across Malaysia including a 6MW plant in Perting River, Bentong and two 10MW plants in Sungai Liang, Raub. AmProp's revenue increased by 25.4 per cent to USD 5.7 million for 1QFY22 from USD 4.52 million in the previous year (18).
Tenaga Nasional Berhad (TNB) is Malaysia's leading energy provider. A JV was formed between TNB and Metrosphere Hydro Tersat Sdn Bhd to build a 4MW mini hydro plant in Sungai Tersat, Terengganu. TNB is currently building 4 micro hydro plants in Pos Lenjang, Pahang. TNB's revenue was USD 15.9 billion in 2022, a 39 per cent increase from 2021 (19, 41).
Minetech Resources Berhad is a civil engineering company. It recently secured a RM 36.71m contract from Tesdec Hydropower Sdn Bhd to build a mini-hydro power plant in Besut, Terengganu, set for completion in 2027. In 2023, Minetech registered a 58.6 per cent revenue increase to USD 7.9 million for 3Q FY2023 compared with revenue of USD 4.96 million in 3Q FY2022 (26, 42).
Expected Impact
Increase renewable energy share in the national mix through small hydro solutions, and promote safer, self-sufficient and affordable production of energy, thereby contributing to a low-carbon economy.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
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The descriptions on this page are provided for informational purposes only. Only companies and enterprises that appear under the case study tab have been validated and vetted through UNDP programmes such as the Growth Stage Impact Ventures (GSIV), Business Call to Action (BCtA), or through other UN agencies. Even then, under no circumstances should their appearance on this website be construed as an endorsement for any relationship or investment. UNDP assumes no liability for investment losses directly or indirectly resulting from recommendations made, implied, or inferred by its research. Likewise, UNDP assumes no claim to investment gains directly or indirectly resulting from trading profits, investment management, or advisory fees obtained by following investment recommendations made, implied, or inferred by its research.
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Country & Regions
- Malaysia: Perak
- Malaysia: Pahang
- Malaysia: Sabah
- Malaysia: Sarawak
Sector Classification
Renewable Resources and Alternative Energy
Development need
To meet its Green House Gas (GHG) emission reduction targets Malaysia's energy-intensive economy needs to integrate resource efficiency, especially for water and energy, both on the supply and the demand sides (1, 2). Waste and recycling management is also crucial, especially waste-to-energy projects to reduce the waste volume by approximately 90 per cent (1, 11).
Policy priority
Malaysia aims to increase its renewable energy share to 40 per cent by 2035 and decrease its economy-wide carbon intensity by 45 per cent by 2030, including within the energy sector, pursuant to its NDC (3, 20). In that regard, the priority is to enhance energy efficiency for residential, commercial and industrial, as well as solar, bioenergy, hydropower, and new technologies as enablers (2, 3).
Gender inequalities and marginalization issues
Women are underrepresented in the energy sector, due to their lower enrolment in STEM and engineering studies than their male counterparts, and a more difficult work-life balance for women, due to their responsibility within the household (4). Additionally, air pollution has a negative effect on the urban population (12). Finally, climate change endangers the national food security and smallholders' revenues (17).
Investment opportunities introduction
Malaysia has a partially untapped potential for renewable energy constituted of 269 GW for solar, 13.6 GW for hydropower, 3.6 GW for bioenergy, including biomass, and 229 MW of geothermal, representing a cumulative investment over the period 2021-2025 of RM 19.93 billion (USD 4.36 billion) and creating 28,416 new jobs (3).
Key bottlenecks introduction
As of today, Malaysia's energy needs are mainly dependent on fossil fuels, reinforced by existing subsidies (1, 3). Additionally, the energy field cuts across many sectors. Poorly coordinated regulatory policies and frameworks prevent strong private sector engagement in green energy opportunities (1).
Alternative Energy
Development need
To reach 45 per cent reduction in GHG emissions, Malaysia needs to lower the energy sector's emissions (representing 80 per cent of GHG emissions) and address its fossil fuel dependency (13). In 2021, 56 per cent of the energy mix came from coal and 7.24 per cent from renewables (1, 3, 12, 27). The expected temperature rise will push Malaysia to build a climate-resilient energy sector (5).
Policy priority
Malaysia's goal is to become a low-carbon economy (13). The country targets 31 per cent of renewable resources by 2025 (40 per cent by 2035), 45 per cent reduction in the power sector's emissions by 2030 compared to 2005 levels, pursuant to its NDCs engagement, and 15 per cent decrease in national energy consumption by 2030 (3, 6, 20). Malaysia also prioritizes green transition of business and green growth (7).
Gender inequalities and marginalization issues
Women are disproportionately affected by climate change while bearing the responsibility of household work (8). Specific vulnerabilities induced by climate change such as flooding, erosion of coastline etc. can marginalize communities. East coast of Peninsular Malaysia is more vulnerable to floods and recently higher precipitation experienced on the West coast (5).
Investment opportunities introduction
Four programmes support the development of renewable energies: the Feed-in Tariff scheme, the Large-Scale Solar auction, the Net Energy Metering, and Self-consumption (3). A RM 10 million (USD 2.2 million) worth fund will be created to finance renewable energy sector (9), and the Green Technology Tax Incentives will be prolonged until 2023 (14).
Key bottlenecks introduction
The sector regulations are numerous and technical, with multiple regulatory authorities involved in the monitoring of the different activities (10). Other challenges are access to finance for solar PV rooftop projects and their high prices compared to non-renewable energy, access to grid issues for bioenergy projects, and difficult approval process for mini hydro (3).
Pipeline Opportunity
Micro And Mini Hydro Solutions
Invest in companies offering turnkey solutions via B2B models to industrial and commercial premise owners or via B2G models for various applications including rural electrification and off-grid supply. Solutions include the design, installation and maintenance of micro and mini hydro systems. Revenue streams include equipment sales, selling the generated electricity to the grid, and operations, maintenance and consulting fees. Examples of companies active in this space are:
Amcorp Properties Berhad (AmProp) is an MNC engaged in real estate and renewable energy activities, including predominantly hydro. AmProp builds and operates mini hydro plants across Malaysia including a 6MW plant in Perting River, Bentong and two 10MW plants in Sungai Liang, Raub. AmProp's revenue increased by 25.4 per cent to USD 5.7 million for 1QFY22 from USD 4.52 million in the previous year (18).
Tenaga Nasional Berhad (TNB) is Malaysia's leading energy provider. A JV was formed between TNB and Metrosphere Hydro Tersat Sdn Bhd to build a 4MW mini hydro plant in Sungai Tersat, Terengganu. TNB is currently building 4 micro hydro plants in Pos Lenjang, Pahang. TNB's revenue was USD 15.9 billion in 2022, a 39 per cent increase from 2021 (19, 41).
Minetech Resources Berhad is a civil engineering company. It recently secured a RM 36.71m contract from Tesdec Hydropower Sdn Bhd to build a mini-hydro power plant in Besut, Terengganu, set for completion in 2027. In 2023, Minetech registered a 58.6 per cent revenue increase to USD 7.9 million for 3Q FY2023 compared with revenue of USD 4.96 million in 3Q FY2022 (26, 42).
Business Case
Market Size and Environment
> USD 1 billion
10% - 15%
Total Hydropower Capacity - inclusive of large scale and small-scale hydropower projects.
Hydropower generation saw a CAGR of 13 per cent in 2010-2021, with growth to 23,651 GWh in 2021 (15).
Installed hydropower capacity is set to increase by 1,720 MW during 2022 - 2035 and account for 14 per cent of overall total installed generation capacity (15).
Large hydropower will reach 7,700 MW by 2035, growing at a CAGR of 2 per cent during 2021-2035. Small hydropower capacity is expected to be 221MW by the end of 2035 (15).
Indicative Return
5% - 10%
10% - 15%
The gross profit margin range given was calculated based on a 9 year mean of Jaks Resources Bhd's gross profit margin. For the 2013 - 2022 financial year period, the range is from 10.12 per cent to 22.03 per cent.
Investment Timeframe
Medium Term (5–10 years)
According to interviews with sector experts, mini and small-scale hydro projects are easily implemented and can break even in the medium term, depending on the location and scale.
Ticket Size
> USD 10 million
Market Risks & Scale Obstacles
Capital - CapEx Intensive
Impact Case
Sustainable Development Need
Malaysia relies heavily on fossil fuel as its main source of energy, with around 92 per cent of its energy supply coming from non-renewable sources, including 41 per cent of its national total primary energy supply (TPES) coming from natural gas, 29 per cent from crude oil and petroleum and 22 per cent from coal (2018) (13).
Enhanced access to clean and reliable energy sources for people and businesses is key for Malaysia's economic growth and resiliency, especially to overcome the urban-rural development gap (7).
In 2020, in Malaysia, the installed small hydro capacity amounted to only 507 MW while the potential is estimated at 2.5 GW. Deficiency in power generation from hydroelectric sources are causing an obstacle to reaching the target of 31 per cent share of renewable energy in the national mix by 2025 (13, 3).
Gender & Marginalisation
Number of women employed in the electricity, gas, steam and air conditioning supply is significantly lower than men, with 5,300 female and 72,300 male employees in 2021 (representing 0.1 per cent and 0.8 per cent of total female and male employment, respectively) (31).
Electricity outages are four times higher in the State of Sabah than in Peninsular Malaysia (32). Additionally, rural electricity coverage in Sabah and Sarawak reached 96.3 per cent and 93.4 per cent, respectively, in 2020, while the objective is to reach 99 per cent by 2025 (7).
Connection to the grid is a challenge in rural areas, especially for renewable energy projects (3).
Expected Development Outcome
Enhanced small-hydro is crucial to reach the objective of 1,153 MW small-hydro power generation by 2025 and 1,219 MW by 2030, enabling increased energy security through indigenous renewable sources of energy (3).
Contrary to biomass or geothermal power sources, hydro can contribute to a lower cost of electricity thanks to inexistent marginal costs and lower levelized cost (LCOE) (3).
Indigenous renewable energy sources contribute to the shift away from national reliance and dependence on fossil fuel for power generation while enabling greater energy self-sufficiency (13).
Gender & Marginalisation
The Government announced the creation of 14,000 new jobs in the energy sector through the development of renewable energy, creating new opportunities for women's employment, according to the Government's objective is to reach 30 per cent of women in all sectors of society (34, 35).
The objective is for the State of Sabah to have a small hydro-installed capacity of 154 MW by 2025, while the total demand for the region in electricity is 482 MW. Additionally, Sarawak targets a total small-hydro capacity of 18 MW by 2025 (3).
Primary SDGs addressed
7.2.1 Renewable energy share in the total final energy consumption
7.3.1 Energy intensity measured in terms of primary energy and GDP
23 per cent of renewable energy in 2021 (3), representing 5.1 per cent of the final energy consumption in 2019 (33).
In 2019, 4.25 megajoules per constant 2017 purchasing power parity GDP (33).
31 per cent or 12.9 GW of renewable energy by 2025, and 40 per cent or 18.0 GW by 2035 (3).
12.2.1 Material footprint, material footprint per capita, and material footprint per GDP
In 2017, 22.6 tonnes per capita (30).
13.2.2 Total greenhouse gas emissions per year
In 2021, annual CO2 emissions reached 256.05 million tonnes (excluding land use change) (28).
Unconditional target of 45 per cent reduction in carbon intensity against GDP by 2030 compared to 2005 levels (20).
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Corporates
Public sector
Outcome Risks
If no attention is paid to their environmental and social impacts, small hydro projects negatively impact the ecosystems, species repartition, and change the water flow and continuity (38).
During drought periods, mini hydro solutions might worsen the lack of water availability.
Without adapted planning for recycling of hydro power equipment, small hydro facilities might cause increased pollution.
In the absence of benefit sharing scheme and their involvement in decision making, local communities depending on the same water resources as the small hydro project might negatively be affected.
Gender inequality and/or marginalization risk: Local communities, especially those in rural areas, living in the vicinity of small hydro project might be displaced (39).
Impact Risks
Unregulated activities conducted upstream of the project's water source might adversely affect the performance of small hydro projects, reducing the positive impact (3).
The lack of data on high-potential sites for hydro development might limit the impact creation via small hydro energy systems (3).
Droughts and other natural weather conditions might constitute external factors risking the impact to occur.
Impact Classification
What
Micro and mini hydro solutions increase renewable energy production, contribute to greater energy security, self-sufficiency, while increasing energy access, especially in rural regions.
Risk
Unregulated upstream activities, lack of data on hydro solutions, and weather conditions including droughts might risk impact.
Contribution
Small hydro represents a potential of 2.5 GW, contributing to the total renewable energy target of 31 per cent or 12.9 GW by 2025 and 40 per cent or 18.0 GW by 2035 (3).
Impact Thesis
Increase renewable energy share in the national mix through small hydro solutions, and promote safer, self-sufficient and affordable production of energy, thereby contributing to a low-carbon economy.
Enabling Environment
Policy Environment
Malaysia Renewable Energy Roadmap: the roadmap highlights small hydro as presenting some significant potential to reach the renewable energy target of 40 per cent by 2035 (3).
National Energy Policy (2022-2040): the policy identifies hydroelectric as a key technology focus area of the development of renewable energy (13).
Twelfth Malaysia Plan (2021-2025): the plan mentions small hydro as a solution for remote rural area electrification (7).
Nationally Determined Contribution (2021): energy is part of Malaysia's climate change action. The sector is mentioned by the report as one of the areas where Malaysia is taking key mitigation and adaptation actions to reduce GHG emissions and achieve the 45 per cent reduction target (20).
Industry4WRD Policy on Industry 4.0: The policy intends to support companies' digital transformation in manufacturing sector through incentives and support for infrastructure, human capital and technology development (43).
Malaysia Madani: The Malaysia Madani plan has six main principles including Sustainability, which includes achieving net-zero GHG emissions (46)
Financial Environment
Financial incentives: Green Technology Financing Scheme (GTFS) provides loans for green technology projects. GTFS offers a 2 per cent interest rate subsidy and a government guarantee of 60 per cent on the financing amount (24).
The next GTFS is on its way with an increased guarantee after GTFS 3.0 ended in 2022 (44)
Fiscal incentives: The Sustainable Energy Development Authority (SEDA) manages the FiT mechanism, which offers premium rates to renewable energy producers for the electricity they generate (23).
Fiscal incentives: Green Investment Tax Allowance for 100 per cent of qualifying capital expenditure incurred on green technology assets for the first 3 years. It can be offset against 70 per cent of statutory income and unutilized allowances can be carried forward until absorbed (MyHIJAU) (45)
Regulatory Environment
Renewable Energy (RE) Act 2011: provides for the establishment and implementation of a special tariff system to catalyze the production of renewable energy (36).
Renewable Energy (Criteria for Renewable Resources) Regulations 2011 and 2013 amendments: regulate biogas, biomass, small hydropower and solar photovoltaic (23).
Marketplace Participants
Private Sector
Amcorp Properties; Tenaga Nasional Berhad; Minetech Solutions; Telekosang Hydro; KAB Energy Holdings Sdn Bhd.
Government
Ministry of Natural Resources, Environment and Climate Change (KeTSA); Sustainable Energy Development Authority (SEDA); Malaysian Investment Development Authority (MIDA); Malaysian Green Technology and Climate Change Centre (MGTC).
Multilaterals
United Nations Development Programme (UNDP); World Bank; International Finance Corporation (IFC); Asian Development Bank (ADB); Global Environment Facility (GEF).
Non-Profit
Malaysian Photovoltaic Industry Association (MPIA); Malaysian Green Building Council (MGBC); Malaysian Association of Energy Service Companies (MAESCO).
Public-Private Partnership
Malaysia Green Technology and Climate Change Corporation (MGTC); Malaysian Industry-Government Group for High Technology (MIGHT).
Target Locations
Malaysia: Perak
Malaysia: Pahang
Malaysia: Sabah
Malaysia: Sarawak
References
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