DNeX, 3 companies team up in renewable energy foray

PETALING JAYA: Dagang NeXchange Bhd (DNeX) has signed a memorandum of understanding (MoU) with three companies to tap into an emerging renewable energy market in the region.
It said in a statement yesterday that its subsidiary Forward Energy Sdn Bhd (FESB) signed the MoU with Hong Kong-based China Everbright International Limited, Broadgate Engineering (M) Sdn Bhd and China-based HydroChina International Engineering Co Ltd.
Under the MoU, the parties will collaborate and cooperate specifically in submitting business proposals for waste-to-energy technology projects in Malaysia and regional markets.
"Through the MoU, DNeX will be making the first step into the waste-to-energy sector with strong international partners namely China Everbright and HydroChina as the technology providers. Broadgate, meanwhile, is DNeX's partner for engineering and sub-contracting works within Malaysia and in the region," it said.
DNeX said that its foray into the power generation sector through FESB has already invested in a small independent power producer (IPP) in Bangladesh and pursuing small mini hydro IPP projects in Indonesia.
Also in the pipeline is the expansion of DNeX's portfolio into the renewable energy market through technology as solar power and wind turbine generation.
"Power generation is one of three business divisions under DNeX's diversification in the energy sector, in addition to oil and gas services, and upstream oil and gas ventures namely in brownfield producing assets in proven hydrocarbon areas," it added.