Yinson Annual Report 2020

68 Yinson Holdings Berhad SECTION 4 OUR CAPITALS Yinson’s OSV fleet achieved a high utilisation rate of 92.69% in FYE 2020, with 100% utilisation for Yinson Perwira and PTSC Lam Kinh. Our other OSVs experienced the following on-hire periods: OSVs On-hire periods Yinson Hermes Feb 2019 to Jul 2019 Sep 2019 to Jan 2020 PTSC Huong Giang 6 Apr 2019 to 6 Dec 2019 16 Jan 2020 to 31 Jan 2020 Renewables GOALS SET FOR FYE 2020 PROGRESS GOALS SET FOR FYE 2021 Assess opportunities to expand and diversify into other forms of energy infrastructure assets • Establishment of Renewables Division in October 2019 • Part-acquisition of two solar farms in Rajasthan, India, in March 2020 • Recruitment of renewables core team • Continue building lean and focused team • Initiate greenfield development activity • Establish growth platform • Position renewables to secure opportunities in energy transition Yinson reached a significant milestone in our long-term strategy for diversification with the establishment of our Renewables Division in October 2019. The renewables team is focussing on Asian and European markets, with asset acquisition activity already kickstarted in FYE 2020. On 31 March 2020, Yinson successfully completed our first foray into renewables with the acquisition of a 37.5% equity interest in Rising Sun Energy Private Limited (“RSE”), an India-incorporated company with two operational solar plants in the Bhadla Solar Park, Rajasthan, India. The two adjoining solar plants have a combined generation capacity of 140MW (AC rated), and achieved their scheduled commissioning dates in 2017. 25-year Power Purchase Agreements, expiring in 2042, have been signed with NTPC Limited, India’s largest power utility, majority owned by the Government of India. We aim to initiate greenfield development activity in FYE 2021, where we develop, build, own and operate renewable assets. With the establishment of a platform comprising both brownfield and greenfield assets, Yinson will be positioned to meet our goal for growth in this market and to secure other opportunities in energy transition. Renewables assets (pg 21), Group strategy (pg 30), Looking to the future (pg 139)