HeiTech Padu Bhd has announced plans to diversify from its core IT services into renewable energy in Malaysia. The company will now focus on developing, owning, operating, and maintaining renewable energy power plants, in addition to providing engineering, procurement, construction, and commissioning services. This strategic shift follows a letter of acceptance from TNB Power Generation Sdn Bhd, a subsidiary of Tenaga Nasional Bhd, awarded to the Voith-HeiTech Consortium on February 21, 2025.
The hydroelectric facility project carries a total contract value of EUR291.43 million (RM1.04 billion), with HeiTech Padu’s share amounting to RM902.96 million. This contract is expected to contribute at least 25 per cent of the company’s net profit and net assets, marking a significant change in its business strategy. HeiTech Padu will provide further details on the diversification plan to Bursa Malaysia Securities Bhd in due course, as it aligns with Malaysia’s broader push toward renewable energy adoption.