Sarawak Energy Bhd (SEB) recently held a briefing on Jan 30 for a Request for Proposal (RFP) to construct five dams in Sarawak, attracting a large turnout of local and international companies, including Gamuda Bhd, Press Metal Aluminium Holdings Bhd, and firms from Japan, China, and South Korea.
The five dams, collectively called the Cascading Power Sources (CPS), will be built in the Tutoh, Belaga, Danum, Balui, and Gaat basins, some bordering Kalimantan. SEB issued the RFP on Jan 17, and the registration deadline is end-February, with RFP submissions due by end-August 2026 — giving bidders six months to prepare. The dams are targeted to begin commercial operation around 2034–2035.
The CPS project aims to maximise hydropower potential by developing multiple plants within each river basin, improving efficiency and boosting renewable energy output. Total capacity will range from 50–70 MW for Gaat CPS up to 700–800 MW for Balui CPS.
Winning bidders will need to prepare detailed financial models assessing project viability, including projected energy generation, costs, tariffs, financing, and incentives. Preference will be given to companies with a proven track record in hydropower or cascading projects.
Contract terms and construction models — whether Build-Operate-Transfer (BOT) or Build-Lease-Transfer (BLT) — are still unspecified. Shortlisted firms will enter a joint development agreement with SEB’s unit SEB Power Sdn Bhd, followed by a power purchase agreement with state-controlled Syarikat SESCO Bhd.
SEB aims to achieve 15 GW of installed capacity by 2035, supporting both local demand and exports to regional markets under initiatives like the ASEAN Power Grid. Renewable sources such as CPS, solar, and small hydro are central to this plan.
Currently, SEB operates three main hydropower plants — Bakun (2,520 MW), Murum (944 MW), and Batang Ai (94 MW) — and is completing the Baleh project (1,285 MW). It also runs the 842 MW Tanjung Kidurong Combined Cycle Power Plant. SEB has been exporting small amounts of power (200 MW) to Indonesia and plans to export 1 GW to Singapore by 2032 via an undersea cable, which will be developed by a Malaysian–Singaporean consortium.
Financially, SEB reported RM1.34 billion after-tax profit on RM7.3 billion revenue in FY2024, with total assets of RM43.47 billion and liabilities of RM49.05 billion. Its largest customer is the Sarawak Corridor of Renewable Energy (SCORE), whose electricity demand has grown from 880 MW in 2013 to 3,700 MW in 2025.
