Key facts
- IOI Corp's subsidiary Luminous Aspect holds 25% of the Bahau venture; Tenaga's TRe holds 70% and CSP 500MW Sdn Bhd 5%.
- The 500MW Bahau solar project is targeted for completion by end-2028, Lee said.
- Lee said replanting an acre of plantation costs about RM10,000 against an estimated RM160,000 per acre for a solar plant with battery storage.
- IOI Corp had 149,400 hectares of oil palm planted in Malaysia as at June 30, 2026, per its latest annual report.
- Lee said it was too early to estimate the venture's contribution to group earnings.
IOI Corp is looking to lease more of its Malaysian plantation land for solar projects as it seeks income beyond palm oil, group managing director and CEO Datuk Lee Yeow Chor told reporters on November 4, 2026, after the company's annual general meeting in Putrajaya.
The producer is assessing other estates after being approached by several renewable energy developers, Lee said. "It depends on the connection with the grid and where the main connection point is. We have at least two other estates that are also close to major connection points to the TNB grid," he said.
On November 3, 2026, IOI announced a partnership with Tenaga Nasional and a consortium of 12 small and medium enterprises to develop a 500MW solar project in Bahau, Negeri Sembilan. The venture, Bahau Energy Ventures Sdn Bhd, is 70% held by Tenaga subsidiary TRe, 25% by IOI subsidiary Luminous Aspect Sdn Bhd and 5% by the consortium, CSP 500MW Sdn Bhd. Completion is targeted for end-2028, and Lee said it was too early to estimate the contribution to earnings.
Lee said the lease is expected to generate more consistent income over 21 to 23 years than plantation operations exposed to commodity price swings. He put replanting an acre of plantation land at about RM10,000 against an estimated RM160,000 per acre for a solar plant with battery storage.
IOI Corp had 149,400 hectares of oil palm planted in Malaysia as at June 30, 2026, of which 74% was in East Malaysia and 26% in Peninsular Malaysia, according to its latest annual report. The group began evaluating ageing plantation land for solar development in 2024. Its shares were unchanged at RM4.45 at the time of writing on November 4, giving a market capitalisation of RM27.97 billion.