In a filing with Bursa Malaysia, JSB executive chairman Beroz Nikmal Mirdin said that with the achievement of FiTCD, TH2 has completed its development phase and is now fully online and operating commercially, successfully supplying power to Sabah Electricity Sdn Bhd (SESB) as contracted.

TH2 is part of the 40MW Telekosang Hydro project, which includes the 24MW Telekosang Hydro 1 (TH1) that achieved its FiTCD in February 2023.

Beroz said TH1 and TH2 were developed by the private companies Telekosang Hydro One Sdn Bhd and Telekosang Hydro Two Sdn Bhd, respectively, operated by parties related to JSB.

“JSB is currently in the process of acquiring these two private companies,” he said.

Beroz said that since TH1 and TH2 have achieved their final and most important milestones, it had satisfied a critical condition precedent necessary for JSB to acquire and inject TH1 and TH2 into JSB, subject to final approval by shareholders and regulators, especially as this exercise involves related parties.

“The upcoming acquisition of Telekosang Hydro One and Telekosang Hydro Two by JSB represents a major milestone in JSB’s plans to transform its business, strengthen its financial position, and further cement JSB’s position as a major player in the ever-growing renewable energy sector,” he said.

He said the 40MW Telekosang Hydro project as a whole (TH1 and TH2) is thus now successfully providing clean and reliable electricity at one of the lowest tariff rates in the whole of Sabah.

“As per standard operating procedure, the relevant submissions to the Sustainable Energy Development Authority (SEDA) and SESB have been made.

“They will verify the test results and issue the appropriate certification in about three months,” he added.

Meanwhile, Beroz said JSB is confident that with the same team working just as hard for the Project Oriole hydropower scheme, it was confident the company will deliver yet another commercially successful plant to significantly contribute towards Sabah’s urgent power needs.

Project Oriole is two run-of-river hydropower cascading schemes to be constructed along Sungai Malingan and Hulu Sungai Padas in Sipitang that will produce 170MWs of power.

The project is estimated to cost RM2.8 billion to develop and is expected to be completed by December 2027.

At the close of trading, JSB’s share price was up by 3 sen or 2.40% at RM1.28, giving it a market capitalisation of RM538 million.