NewX Energy and PTBPP sign JV agreement for projects worth $2.6bn

17 January 2020 (Last Updated January 17th, 2020 14:23)

NewX Energy has signed a joint venture (JV) agreement with Bintan Power Plant Group (PTBPP) for technology infrastructure projects worth $2.6bn.

NewX Energy has signed a joint venture (JV) agreement with Bintan Power Plant Group (PTBPP) for technology infrastructure projects worth $2.6bn.

According to the agreement, NewX Energy will supply technology infrastructure and provide other related services for the projects.

PTBPP Group chairman Christien New said: “In developing Asia alone, 350 million people lack access to electricity. In the first phase of this project, NewX and PTBPP aim to connect 120 million people across Asia to affordable electricity.

”NewX’s groundbreaking technology will enable us to maximise operational efficiency and seize new business opportunities, helping accelerate the growth of PTBPP.”

To assess and analyse the electricity production and distribution, NewX will install Internet of Things (IoT) systems with smart software and sensors across PTBPP’s grid and power assets.

This is expected to result in significant operational savings for consumers.

Initially, the JV will distribute up to 1,320MW of electricity in projects worth $2.6bn.

Establishing a new JV is in line with PTBPP’s strategy to use technological innovation and increase affordable energy access to consumers.

According to the agreement, NewX will also install its technology into the future portfolio of PTBPP’s power business.

NewX and PTBPP have explored new opportunities for the JV and are holding discussions with private utility operators in Europe, China, Brazil and the Middle East for installing NewX’s technological solutions.

In addition, NewX said that its online platform will allow consumers to directly purchase electricity from the power production companies at competitive rates.