DBS, Maybank and the International Finance Corporation (IFC) have signed up to a financing framework for a $6 billion solar and battery storage project in Johor that is set to export power to Singapore, TNGlobal reported.
The parties exchanged the Southern Johor Renewable Energy Corridor (SJREC) Project Bankability and Financing Framework Memorandum on Monday (Oct 26) at the 19th Singapore International Energy Week (SIEW). The framework brings multilateral and commercial lenders together for the project.
SJREC is being developed by Ditrolic Energy Holdings, with Permodalan Darul Ta’zim (PDT), the Johor state government’s strategic investment arm, also named in the report. Ditrolic subsidiary Southern Solar Alliance received Conditional Approval from Singapore’s Energy Market Authority (EMA) in August 2026 to import up to 600 MWac into Singapore.
Ditrolic said close to 90% of the project’s green energy capacity is already drawing booking interest. The company also signed a separate collaboration agreement with IFC, a member of the World Bank Group, for SJREC.
Working group to set bankability terms
Under the memorandum, the parties will form a working group to identify what the project needs to be bankable. This covers regulatory pathways, interconnection, offtake and risk allocation, environmental and social standards, and the financing structure. The group will then make recommendations.
The project is moving towards contracting, licensing, permitting and a final investment decision (FID). No date was given for the FID or financial close. The framework is also intended to serve as a reference for future ASEAN Power Grid projects, according to the report.
Ditrolic Energy group chief executive Tham Chee Aun said the developer had brought the three lenders to the table “well ahead of FID”.
Lim Wee Seng, DBS group head of energy, renewables and infrastructure, project finance, strategic advisory and sustainability, said the bank could support the corridor’s development through its range of financing solutions.
The report also cited John Chong, group chief executive officer of global banking at Maybank, and Vikram Kumar, IFC’s director for infrastructure and natural resources in Asia Pacific.
Maybank has set a target of RM300 billion in sustainable finance and RM100 billion for new economy initiatives by 2030, the report said.
