TNB, IOI and 12 smaller firms cap equity at RM606.2 million for 500 MWac of solar and a 250 MW / 1,000 MWh battery at Bahau - the build cost is blank, The Star prints a 21-year DayOne line, and the filing page prints no sen rate
On 3 November 2026 Tenaga Nasional said its renewables unit signed a shareholders' agreement with IOI's Luminous Aspect and CSP 500MW for a 500 MWac solar plant and a 250 MW / 1,000 MWh battery at Bahau, under the corporate renewable energy supply scheme. The Malaysian Reserve and The Star, reading the filing, put maximum equity at RM606.2 million and say the filing prints no project cost and no commercial operation date. The Star prints a 21-year line for DayOne of up to 500 MWac. The announcement page names corporate customers and does not name DayOne. No sen rate is on that page.
A data centre that wants a long renewable contract now has a plant company, a battery size, and an equity cap. It does not have a sen rate on the November announcement page. The panels are not described as sitting on the data centre's own roof.
On 3 November 2026 Tenaga Nasional Berhad told the exchange that its wholly owned subsidiary, TNB Renewables Sdn. Bhd., signed a joint-venture shareholders' agreement with Luminous Aspect Sdn. Bhd., a wholly owned subsidiary of IOI Corporation Berhad, and CSP 500MW Sdn. Bhd. The announcement page gives TNB Renewables 70 percent, Luminous Aspect 25 percent and the consortium 5 percent. The project company is Bahau Energy Ventures Sdn. Bhd. The page calls it the renewable-energy developer for a 500 MWac solar plant with a 250 MW / 1,000 MWh battery under the Corporate Renewable Energy Supply Scheme. MWac is alternating-current capacity, the output side of the inverters. The page says the project runs from design through the supply of green electricity to corporate customers and consumers. It does not name the customer on that page.
The ringgit, as two papers read the filing. The Malaysian Reserve on 3 November, and The Star on 4 November, both put the project company's maximum equity at RM606.2 million: RM424.4 million from TNB Renewables, RM151.5 million from Luminous Aspect, and RM30.3 million from CSP. 424.4 plus 151.5 plus 30.3 is 606.2, our addition. The Malaysian Reserve says the contributions are ordinary shares and redeemable preference shares, and that TNB channels its sum through TNB Renewables into the project company. The Star says CSP is 12 smaller firms that incorporated that company. Both papers say the filing sets debt at up to 80 percent and equity at 20 percent, or another ratio if the funding market comes out differently. Both say the filing does not disclose the final project cost or a commercial operation date. An 80:20 line with no project cost is not a build price. RM606.2 million is a cap on owner equity. It is not the invoice for the panels and the battery.
The Star says TNB Renewables is the asset manager and oversees engineering and procurement. It says IOI and the 12 smaller firms can take part in the works where the price, the experience and the technical and safety tests are met. The Malaysian Reserve prints the same 12.
DayOne is not a name on the TNB announcement page fetched for this note. The Star on 4 November prints a long-term renewable offtake of TNB with DayOne Data Centres Ltd, and says DayOne is expected to procure up to 500 MWac over 21 years for its data centre operations in Malaysia, as the parties announced on 11 June 2025. The quoted lines from IOI group managing director Datuk Lee Yeow Chor, in The Star and in the New Straits Times on 3 November, speak of an offtake with a reputable data centre company and of income as a shareholder and as the lessor of the site. Those quotations do not print the name DayOne. The New Straits Times prints the development on 526.09 hectares in Bahau under a long-term land lease between the development company and IOI. The Star does not print that hectare figure. RHB Research, in a note dated 4 November and carried on I3investor, also prints the DayOne line, a 21-year offtake and up to 500 MWac. Three pages name DayOne. The exchange announcement page fetched here does not.
A research note is a different document from a filing. RHB prints a cost of MYR2 billion for the whole venture and a completion target of December 2028. The Malaysian Reserve, reading the filing, says TNB did not disclose the final project cost or a target commercial operation date. RHB says its profit estimate uses a tariff close to 30 sen per kWh. It says management guided an equity internal rate of return of 8 to 9 percent, and it puts IOI's equity injection at RM100 million, inside the RM151.5 million cap. The tariff, the MYR2 billion, the December 2028 date, the return guide and the RM100 million are on the research note. They are not on the TNB announcement page. RHB also prints 1,300 acres and, in the same note, 600 hectares. 1,300 acres is about 526 hectares by the usual conversion, our arithmetic, which sits next to the 526.09 hectares in the New Straits Times. 600 hectares is a larger area. The research note carries both. The announcement page carries neither.
Four hours sits in the battery line by division. 1,000 divided by 250 is 4, our arithmetic. Half of 500 is 250, our arithmetic. An earlier note on this desk says firm supply under the corporate scheme pairs with a battery at least half the export size for four hours, and prints a developer fee and a separate buyer charge. This November filing does not say the Bahau project has that fee. It does not print a sen rate. A sen figure from another page is not the tariff on this agreement. Northern Solar's two November letters left the battery size blank, for data centres in Johor. This filing prints 250 MW and 1,000 MWh, for a plant in Bahau, Negeri Sembilan. It is a different set of parties. It is still a shareholders' agreement, not switched-on power, and the panels are a plant on leased land, not a roof over the data centre.
Analogy: RM606.2 million is the ceiling on the money the owners put in as shares. The price a data centre pays per kilowatt-hour is a different piece of paper. That price is not on the November announcement page.
Good: A dated exchange announcement with the plant size, the battery size, the three shareholdings and the scheme name. Two papers reading the same filing on the equity cap, the debt ratio, and the absence of a project cost and a switch-on date. A newspaper hectare figure kept separate from a research note that prints two different land figures. DayOne kept on the pages that actually name it.
Bad: No sen rate on the announcement page. No project cost and no commercial operation date in the filing, as the two papers read it. DayOne, 21 years and 526.09 hectares are not on the announcement page fetched here. RHB's 30 sen, MYR2 billion, December 2028, 8 to 9 percent and RM100 million are the research note. 606.2, 4 hours, half of 500, and the acre conversion are our arithmetic. The June 2025 offtake is a sentence in The Star, not a November price.
Ugly: Treating RM606.2 million as the build cost. Treating 30 sen as a signed tariff. Pasting 4 sen or 14 sen onto a page that prints neither. Calling 600 hectares and 526.09 hectares the same paddock. Reading the battery as a box on the data centre roof. Treating a shareholders' agreement as power that is already flowing.
Soft next step: write 500 MWac, 250 MW and 1,000 MWh on the plant line, write RM606.2 million as an equity cap, and leave the sen rate blank until a contract prints it.
Source: Tenaga Nasional Berhad announcement, 3 Nov 2026, reference GA1-22102026-00017. Primary for the shareholders' agreement that day between TNB Renewables, Luminous Aspect and CSP 500MW, the 70 / 25 / 5 split, Bahau Energy Ventures as the developer, 500 MWac of solar with a 250 MW / 1,000 MWh battery under the Corporate Renewable Energy Supply Scheme, and supply to corporate customers and consumers. The page fetched here does not name DayOne, a sen rate, a project cost or a commercial operation date. The Malaysian Reserve, 3 Nov 2026. Primary for its reading of the filing: maximum equity of RM606.2 million split RM424.4 million, RM151.5 million and RM30.3 million, ordinary shares and redeemable preference shares, debt up to 80 percent, 12 smaller firms, no disclosed project cost and no target commercial operation date. The Star, 4 Nov 2026. Primary for the same equity cap and debt ratio as a reading of the filing, for 12 smaller firms, for TNB Renewables as asset manager, and for the DayOne sentence: up to 500 MWac over 21 years, traced by the paper to an announcement of 11 June 2025. The IOI quotation on that page says a reputable data centre company and does not print the name DayOne. New Straits Times, 3 Nov 2026. Primary for 526.09 hectares in Bahau and a long-term land lease between the development company and IOI, and for the IOI quotation on income as shareholder and lessor. RHB Research note carried on I3investor, 4 Nov 2026. Primary for MYR2 billion, completion targeted by December 2028, a profit estimate that uses a tariff close to 30 sen per kWh, management guidance of an equity return of 8 to 9 percent as RHB prints it, RM100 million against the RM151.5 million cap, 1,300 acres and 600 hectares on the same note, and RHB's own DayOne sentence. 424.4 plus 151.5 plus 30.3, 1,000 divided by 250, half of 500, and 1,300 acres converted toward 526 hectares, are our arithmetic. The sources do not print those workings.