AmBank Islamic announces RM285m green financing for Johor project
PETALING JAYA: AmBank Islamic Bhd announced its RM285 million green financing for Econas Resource To Energy Sdn Bhd (ER2E) to develop the Resource Recovery and Disposal Complex (RRDC) and Resource to Energy-Scheduled Waste (R2E-SW) in Pengerang, Johor.
This initiative marked a significant step towards sustainable waste management in Malaysia, particularly in the strategic development area of Pengerang Integrated Petroleum Complex (PIPC), the southern hub of Malaysia’s downstream oil and gas industries.
The move will enable ER2E to process and dispose of up to 150,000 tonnes per annum of scheduled waste, addressing the increasing demand for waste treatment and contributing to a cleaner environment.
AmBank lslamic CEO Eqhwan Mokhzanee said: “We are committed to supporting projects that drive sustainable development and environmental stewardship.
“Our financing of ER2E’s projects demonstrates AmBank Islamic’s commitment to fostering sustainable waste management solutions and contributing to a cleaner and safer environment.”
AmBank Group wholesale banking managing director Jamzidi Khalid added that the financing of the Resource Recovery and Disposal Complex and Resource to Energy-Scheduled Waste in Pengerang, Johor is more than an investment; it’s a strategic move towards a greener future for Malaysia.
“Our support for ER2E’s cutting-edge waste management facilities is a testament to our belief in sustainable development and our responsibility towards the future generation,” he said.
Meanwhile, ER2E executive chairman datuk Mohd Shafiee Mohd Sanip said: “We are delighted to have AmBank Islamic’s commitment in joining us towards a better future for Malaysia.
“The entire project would be a catalyst for the business community in Pengerang.”
ER2E has commenced construction of its Phase 1 facility and is currently at 99% completion and the expected business start date is Q3 of 2024. Phase 1 includes pyrolysis, microwave, solidification and secured landfill.
Phase 2 will see the construction of the R2E-SW incinerator plant, aimed at generating electricity from burning scheduled waste.
It is expected to commence by the fourth quarter of 2024, with full operational integration targeted by the third quarter of 2026.