MALAKOFF CORPORATION BERHAD (MALAKOF)
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9 Oct, 04:18 am
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Company Profile: Malakoff Corporation Berhad
Company Profile: Malakoff Corporation Berhad
Malakoff Corporation Berhad is not your typical utility stock. As Malaysia's largest private Independent Power Producer (IPP), the company is undergoing one of its most significant strategic shifts in history — pivoting away from aging coal infrastructure toward Renewable Energy and Environmental Solutions. This is an active transformation story, backed by real signed contracts and long-term concessions, not just boardroom rhetoric.
4 Business Segments
Coal Power
📉 DecliningCapacity: 2,100MW — Tanjung Bin Power (TBP) & Tanjung Bin Energy (TBE), Johor
The oldest and highest-risk assets in Malakoff's portfolio. The TBE fire (Oct 2025) knocked the plant offline for 10 weeks, costing ~RM100M in lost capacity payments. A separate jetty incident in Dec 2025 claimed 2 lives. No new coal investment is planned — these assets will naturally wind down as PPAs expire.
Gas Power
➡️ StableCapacity: 2,082MW — Segari (1,303MW), GB3 (429MW), Prai (350MW)
Malakoff's main earnings engine. New Power Purchase Agreements (PPAs) with TNB were signed in January 2026, extending operations through December 2029. Revenue visibility is clear and contractually secured for the next 3+ years.
Renewable Energy
📈 High GrowthCurrent capacity: 173MW | Target by 2029: 669MW
Malakoff's future engine. The LSS5+ win (470MW solar, Larut & Matang, Perak) secured in September 2025 — with Malakoff holding 80% and Solarvest 20%, under a 21-year PPA with TNB. Additional BESS (100MW/400MWh) and CRESS (80MW solar) bids are pending.
Environmental Solutions (WTE)
🆕 New & StrategicProject: Sungai Udang Waste-to-Energy Plant, Melaka
34-year concession signed June 2025. Processes 1,056 tonnes of waste per day to generate 22MW. Construction began April 2026, completion targeted May 2029. EPC by Kanadevia (Japan). Alam Flora (97.37% owned by Malakoff) is the operating partner — no external RPT risk.
Key Corporate Milestones 2025-2026
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