85 On our home ground, Malaysia, our joint venture PXA has added new rooftop projects to the portfolio. PXA continues to establish itself as a key player in the Malaysian renewables scene, and is positioned to capitalise on the growing opportunities in that space. We hold the view that, although the project sizes in Malaysia and Indonesia are not large presently, they enable us to establish a presence and a reputation in growing markets. Working with local teams that have a deep understanding of the ins and outs of their respective renewables markets is a key part of that. Larger utility scale projects are often difficult due to regulatory and/or structural challenges, but we are seeing some opportunities in these markets and our local presence leaves us well positioned to kick off utility scale activity. Assets in operation & under construction The Bhadla assets in India have performed very well in the year under review, without major downtime and collectively generating 4.5% more energy than forecasted during the reporting period. We have also refinanced the original project financing facility for the Bhadla assets thereby cutting costs and releasing additional capital over time. Construction of the Nokh project, which is our other project in India, is complete and ‘ready to commission status’ has been granted by the regulator. The project will start exporting power when the grid connection, which is to be provided by other parties, is ready. The rescheduling of the commissioning date has been agreed with the offtaker. RENEWABLES’ PROJECTS PIPELINE Site Investigation • Finding and Evaluating • Securing Development & Consent • Design, Evaluation, Consent and Grid Applications • Power Sales and Financing Pre-Construction & Construction (Including FID) Projects secured Own & Operate (Including Power Sales) Commercial Operation Date Consent and grid obtained 2 - 5 years to COD 6 - 8 months to COD 25 years+ for operations >3,300 MW 1,093 MW 774 MW 177 MW Figures as at 31 March 2023 Solar Wind Brazil India Chile Italy Malaysia Colombia New Zealand Peru 302 60 145 426 468 175 285 250 212 392 726 400 448 993 557 288 536 468 177 33 3 2 76 1,822 1,218 BUSINESS REVIEW YINSON RENEWABLES
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