Investment firm inks JV for Perak solar energy

Kuala Lumpur: Majuperak Holdings Bhd (MHB) is proposing a joint venture (JV) with United Solar Energy (Malaysia) Sdn Bhd (USEM) in a solar photovoltaic generating system (SPS) project in Perak.

Its wholly-owned subsidiary, Majuperak Power Resouces Sdn Bhd, signed the JV agreement Monday with the solar photovoltaic solution provider to market and propose SPS utilising the net energy metering scheme for buildings in the state.

The agreement is conditional on USEM executing at least one supply agreement for renewable energy (SARE) secured contract with Tenaga Nasional Bhd and electricity consumers within the next six months, MHB said in a filing with Bursa Malaysia Monday.

The company, which is majority owned by the Perak government, said on securing the first SARE contract, the parties would set up a special purpose vehicle which was 40 per cent owned by MHB and 60 per cent by USEM.

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In a press statement, MHB chief executive officer Nizran Noordin said the agreement was an opportunity for the company to tap into the growing prospects of the renewable energy sector, particularly as the solar energy segment holds vast potential. – Bernama

“This is also aligned with the government’s National Renewable Energy Policy target to achieve 20 per cent electricity generation from renewable energy sources by 2025. By embarking on the SPS project in partnership with USEM, we will be able to leverage on our combined expertise to benefit electricity consumers throughout Perak.

“The annual cost savings of approximately between five per cent and 15 per cent from the SPS will also be channelled back to the people of Perak and to the state government,” he added.

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MHB said USEM would obtain the necessary approvals and licenses from the Sustainable Energy Development Authority and other relevant local authorities to start with the SPS project.

It said consent would also be secured from respective building owners and electricity consumers for a tripartite SARE. –Bernama

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