IOI Corp eyes 300MW solar capacity in green energy drive

PUTRAJAYA (Nov 4): IOI Corp Bhd (KL:IOICORP) is exploring the development of large-scale solar power projects with a potential capacity of up to 300 megawatts (MW) as part of the plantation group’s strategic push into renewable energy.

The group has already identified several of its plantation estates in Johor with high solar exposure and located near power substations that make them suitable for solar power generation, said managing director and chief executive officer Datuk Lee Yeow Chor.

Lee, however, declined to disclose how much land has been earmarked for this venture.

“Being a relatively large landowner, we will be looking to establish a solar plant of a certain size. I would say a larger one, at least more than 300MW. We have the advantage of having sufficient land to undertake a large-scale project,” Lee told reporters after the group's annual general meeting on Tuesday.

“We are still exploring this and have nothing concrete to announce yet. We don't have any targets. The potential sites are within our existing oil palm estates,” Lee added.

According to IOI Corp’s latest annual report, the group's total plantation land bank in Malaysia is about 126,700 hectares (ha), with 22,958 ha located in Johor.

IOI Corp’s foray into renewable energy is a key component of its five-year strategic roadmap (2025–2029), which includes diversifying into new growth areas like solar power. The group first announced this plan last year.

The move aligns with a wider trend among plantation companies, such as SD Guthrie Bhd (KL:SDG), which are venturing into the green energy space to leverage their land assets.

On Tuesday, shares of IOI Corp slipped three sen to close at RM4.04, giving the integrated plantation group a market capitalisation of RM25.39 billion.