TGE signs Facilitation Fund Agreement under PPP concept
TGE and the Public-Private Partnership Unit of the Prime Minister's Department on 25 May 2012 signed the Facilitation Fund Agreement for the Federal Government providing a RM35 million grant to TGE to help fund construction costs of preliminary infrastructure. Dato' Seri Dr. Ali Hamsa, Director General of the Public Private Partnership Unit signed on behalf of the Federal Government while Mr. Ramzi Raad, Managing Director signed on behalf of TGE. Encik Zakaria Saad signed for Bank Pembangunan Malaysia, the bank entrusted with disbursing the grant.
Dato' Seri Dr. Ali Hamsa said the Federal Government, under its Economic Transformation Programme (ETP), had reviewed TGE's project and qualified it to receive the grant as the project would not only exploit a renewable energy resource, thereby contributing to the Government's commitment to reduce greenhouse gas emissions, but would also help reinforce the state utility's generation capacity in the East Coast of Sabah.
Mr. Ramzi Raad thanked the Federal Government for providing financial assistance to TGE to help fund this capital intensive project. The grant would go a long way to ease the project's cash flow and partially cover initial infrastructure costs.