Seri Pajam Development and Hibiscus Petroleum Sign HoA to Explore Power Generation Solutions for SPD Tech Valley Industrial Park
Kuala Lumpur, [15 October 2026] – Seri Pajam Development Sdn. Bhd. (“Seri Pajam Development”) and Hibiscus Petroleum Berhad (“Hibiscus Petroleum”) have signed a Heads of Agreement (“HoA”) to establish an exclusive collaboration framework for the evaluation and development of power plant projects and energy solutions on land owned by Seri Pajam Development and its affiliates in Malaysia.
The collaboration identifies SPD Tech Valley in Senawang, Negeri Sembilan, as a strategic industrial location for potential power generation development.
The HoA was signed on 30 September 2026 at Hibiscus Petroleum’s headquarters in Kuala Lumpur by YBhg. Dato’ Dr Kenneth Gerard Pereira, Managing Director of Hibiscus Petroleum Berhad, and Mr. Ten Wee Seong, Chief Executive Officer of Seri Pajam Development Sdn. Bhd.
The potential projects may involve gas turbines, gas engines, solar power and carbon capture systems, as outlined under the HoA.
The collaboration aligns with Hibiscus Petroleum's Hibiscus 3.0 strategy to diversify into energy transition and adjacent energy businesses while retaining oil and gas as its core business. Through this initiative, Hibiscus Petroleum aims to strengthen its power-generation capabilities to address Malaysia's growing electricity demand, particularly from data centres and facilities supporting Artificial Intelligence (AI) workloads.
With its strategic connectivity and smart, sustainable infrastructure, SPD Tech Valley has been identified as a suitable location for potential data centre developments, which could be supported by a domestic power plant facility.
Supporting Growing Power Demand from Data Centres and Industry
As Malaysia continues to attract investments in data centres, AI infrastructure and advanced manufacturing, reliable and efficient power infrastructure has become an increasingly important consideration for industrial investors.
The potential development of a domestic power plant facility at SPD Tech Valley could complement the park's existing grid infrastructure, strengthen its energy resilience and support future industrial growth as electricity requirements increase.
A Strategic Collaboration for Future Energy Requirements
Commenting on the HoA, Chong Chee Seong, Senior Vice President, Strategic Initiatives, Hibiscus Petroleum Berhad, said:
“Hibiscus Petroleum’s partnership with SPD is an important step in our transformational journey. Data centres and AI workloads need power that is reliable, efficient and increasingly low-carbon. By extending our expertise into distributed power generation, we aim to meet that demand while creating opportunities for additional, more stable revenue streams for our shareholders.”
Mr. Ten Wee Seong, Chief Executive Officer of Seri Pajam Development Sdn. Bhd., said:
“As SPD Tech Valley continues to grow, we recognise the importance of planning ahead for the energy requirements of high-value industries, particularly data centres and other technology-driven businesses. This collaboration with Hibiscus Petroleum allows us to evaluate potential power generation solutions that could support the park's long-term development.”
“By working with an established energy company, we aim to strengthen SPD Tech Valley's position as a strategic industrial destination with the infrastructure and connectivity needed to support future investments.”
SPD Tech Valley Positioned for Future Industrial Development
Strategically located adjacent to 132kV and 275kV national grid infrastructure, SPD Tech Valley is supported by connectivity to the North-South Expressway, LEKAS Highway, Kuala Lumpur International Airport (KLIA) and Port Klang.
These infrastructure and connectivity advantages support the park's positioning as a location for high-value manufacturing and data centre developments.
The signing of the HoA marks an important step in the collaboration between Seri Pajam Development and Hibiscus Petroleum, with both parties set to evaluate the technical, commercial and implementation requirements of potential power generation projects.
About SPD Tech Valley
SPD Tech Valley is a 523-acre freehold, LEED Gold-certified managed industrial park located in Senawang, Negeri Sembilan, within the Malaysia Vision Valley 2.0 (MVV 2.0) development corridor.
Developed by Seri Pajam Development Group, the park is designed to accommodate high-value manufacturing, data centres and other technology-driven industries.
About Hibiscus Petroleum Berhad
Hibiscus Petroleum Berhad is Malaysia's first listed independent oil and gas exploration and production company. Headquartered in Kuala Lumpur and listed on the Main Market of Bursa Malaysia Securities Berhad, the Group has oil and gas assets in Malaysia and international markets.