HONG KONG, CHINA - Media OutReach - 21 July 2020 - Following the launch of its first
solar rooftop solution, M+ by PETRONAS last year, PETRONAS New Energy is now set
to grow in the domestic renewable energy space with its first commercial
customer, Tesco Stores (Malaysia) Sdn Bhd (Tesco).

In delivering its commitment to Tesco, PETRONAS
New Energy has collaborated with NEFIN Group,
a regional renowned bespoke solar developer, and formed a joint-venture company
together known as NE Suria Satu Sdn Bhd (NESS), to provide a solar rooftop
solution covering design, installation, operation and maintenance of solar
photovoltaic panels for selected Tesco stores nationwide.

The provision of the solar rooftop solution is
now ongoing until 2040, after the signing of a 20-year Power Purchase Agreement
(PPA) between NESS and Tesco, the largest commercial solar PPA of its kind in
Malaysia.

The first phase of the project will collectively
generate about 18 gigawatt hours (GWh) of clean energy per year from the 15
selected Tesco stores around the northern and central regions of Peninsular
Malaysia, enabling Tesco Group to achieve its goal of becoming a zero-carbon
business by 2050.

Head of PETRONAS New Energy, Dr. Jay Mariyappan
said: "This PPA is a testimony to our significant growth aspirations as a
company that provides sustainable energy solutions. This first venture with
Tesco, signifies our commitment in realising our vision of becoming a leading
global provider of cleaner, reliable as well as cost-effective energy
solutions".

"Partnerships are imperative to succeed in
the dynamic energy industry as it enables us to provide more competitive
and customer-centric solutions."

"Moreover, collaboration has always been a
key enabler for PETRONAS to grow its businesses and support a mutual green and
clean agenda, together with our partners," he added.

Mr Glenn Lim, CEO of NEFIN Group, said: "We are
proud to join forces with PETRONAS New Energy -- combining our extensive
expertise and experience in renewable energy, including the design and
implementation of high safety and quality solar solutions, to support
multi-national corporations to achieve their carbon neutrality goals."

PETRONAS' New Energy portfolio is set to grow further
as the company is actively pursuing opportunities to expand the reach of its rooftop
solar solutions to commercial and industrial sectors.

Currently, PETRONAS New Energy has more than
650MW of solar projects that are operating and under construction in India and
Dubai, and over 1GW of projects under development.

NEFIN Group is a regional renowned solar
developer with bespoke experience in solar system deployment and a committed
partner to organsations to achieve carbon neutrality and do its part in the
global efforts to fight against climate change. It has deployed over 300MW
solar projects regionally. Amidst the COVID-19 pandemic, NEFIN Group managed to
successfully complete several PV projects around Asia, including but not
limited to, Bosch Automotive Nanjing, the largest Bosch solar project globally
and St Paul's College, one of Hong Kong's most recognized school since its
establishment in 1851.  

Issued jointly by:

Media Engagement

Group Strategic Communications

PETRONAS

PR & Marketing

NEFIN Group

About PETRONAS

Petroliam Nasional Berhad (PETRONAS) is a
global energy and solutions company, ranked amongst the largest corporations on
Fortune Global 500®.

PETRONAS New Energy is PETRONAS' renewables
business that currently includes M+ by PETRONAS which has more than 50MW of
solar solutions under development with commercial and industrial customers in
Malaysia, and its 100% owned distributed energy company, Amplus Energy
Solutions that has more than 650MW of operating and under construction solar
projects in India and Dubai. 

About
NEFIN Group

Founded by core management team of DuPont Solar
Business, legal expert and investment bankers, NEFIN Group has collectively
delivered over 300MW of utility-scale, commercial and industrial rooftop solar
systems regionally. The mission of NEFIN is about achieving carbon neutrality
for companies. The group offers consulting services such as due diligence,
feasibility studies and lender-technical advice on top of project development,
system design, engineering and asset management. NEFIN Group also offers flexible
financing options to partners who opt for zero investment. Please refer to
NEFIN's website www.nefinco.com for more information.