MPAY TO FINANCE CORAL POWER’S LARGE-SCALE SOLAR PV PLANT DEPLOYMENT

KUALA LUMPUR, Oct 23 -- ManagePay Systems Bhd’s (MPay) wholly-owned licensed moneylending unit ManagePay Resources Sdn Bhd’s offer to finance a large-scale solar photovoltaic (PV) plant of 9.99-megawatt (MW) capacity in Manjung, Perak, has been accepted by Coral Power Sdn Bhd.

Coral Power, which is 70 per cent owned by Minetech Resources Bhd, had bagged the contract to build the large-scale solar PV plant for a period of 21 years under the second large-scale solar (LSS2) tender in 2018, MPay said.

“MPay's financing offer is subject to Coral Power meeting the conditions precedent and MPay successfully raising the Green Energy Fund via the Monetary Authority of Singapore-registered Passion Venture Capital Pte Ltd as announced on Sept 1, 2020,” the financial technology product and service provider said in a statement today.

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It said structured with an 18-month guaranteed bridging loan, the financing would be converted into a full eight-year term loan thereafter.

MPay managing director Datuk Chew Chee Seng said the financing offer was an opportunity for the company to tap into the growing prospects of the renewable energy sector, following the announcement that it was partnering with Passion Venture Capital to raise Green Energy Fund from international investors for the renewable energy market in Malaysia.

Coral Power managing director Jot Seng Keong said MPay’s financing came at the most ideal time. 

“We are confident that with MPay’s funding, our project will move smoothly from here onwards,” he said.

Minetech Resources’ LSS2 is MPay’s first success in many solar plant financing prospects in the pipeline for MPay’s Green Energy Fund, aligned with the government’s National Renewable Energy Policy target to achieve 20 per cent electricity generation from renewable energy sources by 2025. 

-- BERNAMA