76 YINSON HOLDINGS BERHAD Asia Pacific (cont'd) BUSINESS REVIEWS COUNTRY FOCUS: New Zealand New Zealand’s renewables outlook remains strong, with renewable sources supplying over 85% of electricity in 2024, and generation capacity continuing to expand towards a 60% capacity increase by 2050 to meet emissions goals. Momentum is supported by recordhigh renewable energy supply and steady additions of new wind, solar and geothermal projects, though grid congestion and cost pressures pose near-term challenges. Regulatory reforms – particularly fast-track approvals, clearer pathways for overseas investors and updates to planning laws – aim to speed up large-scale renewable development and improve investor confidence. Overall, strong resource potential, expanding project pipelines, and streamlined regulations position New Zealand for continued renewable growth. Yinson Renewables in New Zealand New Zealand is a strategically important market to Yinson Renewables. We have been building our presence in the country since 2019, with a focus on onshore wind projects. We work closely with local partners who possess extensive on-the-ground knowledge of local conditions to ensure that every project reflects both regional needs and national energy goals. We also actively engage with local communities to ensure that projects deliver meaningful economic, social and environmental benefits. 2025 in review In October 2025, we received approval from New Zealand’s Overseas Investment Office (OIO) for our renewable energy investments in the country, paving the way to advance our project pipeline. New Zealand Prime Minister Rt Hon Christopher Luxon acknowledged the milestone during his official visit to Kuala Lumpur, recognising Yinson Renewables’ projects as a major investment in the country’s renewable energy infrastructure. In December 2025, we acquired the 94.6 MW Mt Cass Wind Farm from MainPower New Zealand Limited, an electricity networks company located in North Canterbury on the South Island. We also secured a power purchase agreement (“PPA”) with Genesis Energy for 70% of the energy generated from the project for 15 years, underpinning strong confidence in our project fundamentals and the expertise of our team. On top of the PPA, Genesis signed an agreement with us for potential future wind projects in New Zealand – marking a longterm strategic partnership. Once operational, the project is expected to generate over 300 GWh of electricity annually – enough to supply approximately 40,000 households. Construction is progressing well, with main contracts signed, and is expected to enter into operations in 2028. In November 2025, we also received resource consent to build up to eight turbines near Pahiatua on the North Island. All up, we are investigating a 1 GW portfolio of onshore wind generation opportunities in New Zealand. India Since acquiring the Bhadla and Nokh Solar Projects in 2020 and 2021, they have delivered strong operational performance, and we are proud to have played a role in supporting India’s renewable energy ambitions through these high-quality assets. In line with Yinson Renewables’ strategic decision to focus on certain geographical markets, we have entered into a binding term sheet with an external party for the proposed divestment of our India assets. This planned exit reflects our disciplined capital allocation approach as we recycle value from mature assets to support future growth in our priority regions. Malaysia We continue to work closely with our joint venture partner, PXS, and have been growing steadily in the commercial and industrial (“C&I”) rooftop segment, with ~25 MWp now in operation. At the same time, we continue to actively assess the potential of utilityscale projects, participating in tenders with key strategic partners. Although we have not yet secured an award in this highly competitive market, we will continue to pursue projects that meet our investment criteria and support our long-term growth strategy. Indonesia Our activities are conducted through our subsidiary, Inecosolar, which is currently focused on the C&I and residential rooftop solar market. The market was challenging for new C&I projects in early 2025, but we have recently seen an increase due the dedication of our local team. Our portfolio of C&I projects now stands at ~7.5 MW across 10 projects.
RkJQdWJsaXNoZXIy NDgzMzc=