DBS, Maybank and IFC team up on $7.7b Johor solar project financing

Nearly 90% of the project’s green energy is already drawing capacity booking interest.

DBS, Maybank, and the World Bank Group’s International Finance Corporation (IFC) are working together to map out a financing structure for a cross-border renewable energy project linking Johor, Malaysia and Singapore.

The three lenders, together with project sponsor Ditrolic Energy, exchanged a memorandum on 26 October outlining a framework for collaboration to strengthen the bankability and financing readiness of the $7.7b (US$6b) Southern Johor Renewable Energy Corridor (SJREC).

Under the framework, the parties will form a working group to identify the key requirements for the energy project’s bankability, covering regulatory pathways, interconnection, offtake and risk allocation, environmental and social standards, and financing structure.

The group will also make recommendations to improve SJREC’s financing readiness.

Ditrolic Energy CEO Tham Chee Aun said close to 90% of the project’s green energy is already seeing capacity booking interest.

"Our focus now is a smooth path to financial close," he said.

SJREC is a solar and battery storage development in Johor co-developed by Ditrolic Energy and Permodalan Darul Ta’zim, the strategic investment arm of the Johor State Government.

In August, Ditrolic Energy’s wholly owned subsidiary, Southern Solar Alliance, received conditional approval from the Energy Market Authority to import up to 600 megawatts alternating current (MWac) of renewable electricity from Johor to Singapore.

The project is now progressing towards contracting, licensing, permitting, and a final investment decision.

“Reliable access to renewable energy is becoming increasingly important in attracting investments, particularly in energy-intensive industries,” said Dato’ John Chong, CEO of global banking at Maybank.

“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,” he added.

Beyond SJREC, the framework also aims to provide a reference for structuring and financing future cross-border projects under the ASEAN Power Grid.

The exchange took place during the 19th Singapore International Energy Week 2026.

Amongst those present at the ceremony were Malaysian Deputy Prime Minister YAB Datuk Amar Haji Fadillah bin Haji Yusof and Singapore Minister for Energy, Trade and Industry Dr Tan See Leng.

$1 = US$0.78