KOTA KINABALU: A RM1bil renewable energy complex is set to be built on a 10ha site at the Sepanggar Bay Container Port near here.

       Chief Minister Datuk Seri Hajiji Noor said the project - Sabah Maju Jaya Renewable Energy Industrial Complex (SMJREIC)- was a collaboration by state owned Suria Capital Holdings Berhad with Vandelay Ventures Sdn Bhd.

       He said the project would benefit Sabah with economic growth, jobs and new technologies.

       Hajiji witnessed the inking of a memorandum of understanding between Suria Capital, as the landowner, and Vandelay Ventures Sdn Bhd along with other partners.

       These include state owned Sawit Kinabalu and Sabah Land Development Board as the raw material suppliers, Sulzer Gtc Technology as the technology provider and Thinkat Advisory Sdn Bhd as the financial partner.

       "As the Chief Minister of Sabah, I am glad that this collaboration involves Suria Capital Holding Berhad, which is one of the state’s most reputable public limited companies, as they will play a big role in helping to ensure this project is viable and implemented successfully," he said in welcoming private sector’s role in fuelling the economy.

       "We can see, for example, the robustness of the property sector, the resurgence of the oil and gas industry, and the replanting of trees in the forestry sector," he said.

       He noted a greater push in private-driven initiatives will boost the economic momentum in these industries, spur the flow of investments; enhance overall economic diversification, increase wider economic opportunities and create related spillovers.

       Under the five-year Hala Tuju Sabah Maju Jaya (SMJ) Development Plan launched by the GRS State Government in March 2020, he said they so far attracted high-impact investments in the agricultural, industrial and tourism sectors.

       Last month, we signed deals for new investments – including an innovative solar glass manufacturing and a large-scale herbs plantation which are expected to generate good returns in investment, and create job opportunities.

       Sabah has secured RM4.4bil worth of foreign investments as of June year, the third largest in the country.