Singapore, 26 October 2026 – DBS, the International Finance Corporation (IFC), a member of World Bank Group focused on the private sector and Malayan Banking Berhad (Maybank), together with project sponsor Ditrolic Energy Holdings, today exchanged the Southern Johor Renewable Energy Corridor (SJREC) Project Bankability and Financing Framework Memorandum at the 19th Singapore International Energy Week (SIEW) 2026. The memorandum sets out a framework for collaboration to strengthen the bankability and financing readiness of SJREC, advancing Malaysia-Singapore cooperation in renewable energy. The exchange was witnessed by YAB Datuk Amar Haji Fadillah bin Haji Yusof, Deputy Prime Minister of Malaysia and Minister of Energy Transition and Water Transformation; Dr Tan See Leng, Minister for Trade and Industry (Energy and Industry), Singapore; and YB Dato’ Haji Ramlee bin Haji A Rahman, President and Chief Executive (Group), Permodalan Darul Ta’zim, representing the Johor State Government. SJREC is a $6 billion solar and battery storage development in Johor, co-developed by Ditrolic Energy and Permodalan Darul Ta’zim (PDT), the Johor State Government’s strategic investment arm. Ditrolic Energy has also entered into a collaboration agreement with IFC in relation to SJREC. In August 2026, Ditrolic Energy’s wholly owned subsidiary, Southern Solar Alliance Pte. Ltd., was awarded Conditional Approval by Singapore’s Energy Market Authority (EMA) to import up to 600 MWac of renewable electricity from Johor to Singapore. The project is now progressing towards contracting, licensing, permitting and Final Investment Decision. The memorandum brings together multilateral and commercial financing institutions to develop a dedicated financing and bankability framework for a Malaysia-Singapore cross-border renewable electricity project. Under this framework, the parties will form a working group to identify the key requirements for SJREC’s bankability, covering regulatory pathways, interconnection, offtake and risk allocation, environmental and social standards, as well as financing structure. The group will also formulate recommendations to enhance SJREC's financing readiness and overall bankability. Beyond SJREC, the framework aims to provide a practical reference for structuring and financing future cross-border projects under the ASEAN Power Grid. By bringing multilateral and commercial lenders from both source and destination markets together early, the framework aims to reduce execution risk, shorten the path to financial close and mobilise private capital. Lim Wee Seng, Group Head of Energy, Renewables & Infrastructure, Project Finance, Strategic Advisory and Sustainability, DBS, said “Energy security is fundamental to the region’s economic growth and a landmark project such as the Southern Johor Renewable Energy Corridor will not only fulfil the energy demand but also support the region’s transition towards a low carbon economy. DBS’ sustainable financing solutions and platform provide a foundation for which stakeholders can engage, collaborate and create viable pathways for long-term project development and financing readiness. As Asia-Pacific’s leading project finance advisor and arranger of financing for landmark energy and infrastructure projects, DBS is uniquely positioned to support SJREC's development through our suite of financing solutions, global connectivity and execution expertise.” Vikram Kumar, Director for Infrastructure and Natural Resources in Asia Pacific, IFC, said: “Sustainable infrastructure is key to supporting economic growth and creating jobs, while advancing the energy transition. The Southern Johor Renewable Energy Corridor is a project that allows us to meet these priorities of growth, jobs, and productivity while contributing to the broader ASEAN power grid vision. IFC welcomes the opportunity to contribute our expertise in project development, financing, governance and environmental and social considerations to mobilise private capital and deliver a project of this scale to a successful and sustainable financial close.” Dato’ John Chong, Group Chief Executive Officer, Global Banking, Maybank, said: “Reliable access to renewable energy is becoming increasingly important in attracting investments, particularly in energy-intensive industries. SJREC has the potential to connect Johor’s renewable energy resources with businesses in Malaysia and Singapore, supporting decarbonisation and strengthening the Johor-Singapore Special Economic Zone’s appeal as an investment destination. With our presence in both markets, Maybank is well positioned to support this cross-border initiative through our regional financing capabilities. This also aligns with our ROAR30 strategy commitments, including our refreshed target to mobilise MYR 300 billion ($73.46 billion) in sustainable finance and MYR 100 billion ($24.49 billion) for new economy initiatives by 2030.” Tham Chee Aun, Group Chief Executive Officer of Ditrolic Energy, said: “With close to 90% of our green energy already seeing capacity booking interest, our focus now is a smooth path to financial close. By bringing DBS, IFC and Maybank to the table well ahead of FID, and working closely with governments, regulators and offtakers, we hope to set a reference framework for financing future ASEAN Power Grid projects.” Re-disseminated by The Asian Banker
