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Kota Kinabalu: A joint venture between a Yayasan Sabah Group company and a Singapore fund has been formed to invest RM12 billion to address Sabah's critical electricity shortage, according to a statement.

Lucro Investments VCC - Renewable Energy Fund, a fund domiciled in Singapore, has partnered with Innoprise Synergy Sdn Bhd, a wholly-owned subsidiary of Yayasan Sabah Group, Innoprise Corporation Sdn Bhd, to form the joint venture named Sabah Norbu Hydro Sdn Bhd.

Together, they will collaborate to develop 1,000 megawatts of mini hydropower in Sabah.

The joint venture company has been officially approved by the Sabah government, said the statement further.

The joint venture agreement was signed between the fund and Innoprise Synergy in June 2023.