The state will develop a Sabah Maju Jaya Renewable Energy Industrial Complex (SMJREIC) worth RM1 billion on a 25-acre plot of land near the Sepanggar Bay Container Port.

Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor stated, with Suria Capital Holdings Berhad collaborating with Vandelay Ventures Sdn Bhd to develop the SMJREIC, it will bring benefit to Sabah.

Signing of MoU between Vandelay Ventures Sdn Bhd and Sabah Land Development Board. (Photo credits: Borneo Post)

Hajiji witnessed the signing of a Memorandum of Understanding between Suria Capital Holding Berhad, the landowner, and Vandelay Ventures Sdn Bhd and partners, including Sawit Kinabalu and SLDB as the raw material supplier, along with THINKAT Advisory Sdn Bhd as the finance partner and SULZER GTC Technological as the technology supplier.

He said that the initiative would boost the state's economic growth, provide job opportunities, and introduce new technologies to the State.

Hajiji noted that the contribution of the private sector in boosting the economy is welcomed by the state government, as the property sector's resilience, the oil and gas industry's resurgence, and the forestry sector's replanting of trees.

"A stronger push in private-sector activities would promote economic momentum in these areas, encourage investment flow, improve overall economic diversification, expand economic prospects, and produce relevant spillovers," he added.

According to Hajiji, Sabah has a large number of renewable energy sources that have the ability to contribute considerably to the state's and nation's development into a high-value-added economy.

"The State government has been aggressively pushing its agenda in encouraging renewable energy and clean energy development by implementing programmes that will ultimately shape and strengthen Sabah's renewable energy and green industry sector, which will help promote economic activities and accelerate economic growth."

Due to the present worldwide emphasis on climate change and sustainable living, he urged both the government and the corporate sector must take substantial steps that focus on the benefits of green technology.