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BUSINESS

KAB unit secures four solar PV projects in Thailand

09/06/2021 03:59 PM

KUALA LUMPUR, June 9 -- Kejuruteraan Asastera Bhd (KAB), through its indirect unit Energy Optimization Co Ltd, has secured four solar photovoltaic (PV) system projects in Thailand under the build-own-operate-transfer project delivery model.

The solar PV projects would involve a total capital expenditure of about RM11.4 million and have a combined installed capacity of 3,912 kilowatts-peak (kWp), KAB said in a statement today.

According to the company’s latest annual report, Energy Optimization is 49.997 per cent held by KAB Technologies (Thai) Co Ltd, which in turn is 89 per cent owned by KAB’s wholly-owned subsidiary KAB Technologies Sdn Bhd.

KAB said the four projects consist of a 20-year power purchase agreement (PPA) signed on April 1, 2021, with Tanaosree Thai Chicken Co Ltd for a 966-kWp capacity solar PV system.

Two 15-year PPAs were signed on May 11, 2021, with Aapico PCL for a 999kWp solar PV system and a 450kWp solar PV system, respectively, while a 10-year PPA was signed on May 14, 2021, with Roongthavorn Plastic Co Ltd for a 1,497kWp solar PV system.

KAB said the development of the respective solar PV systems was expected to be completed within a year from the signing of the PPAs.

Managing director Datuk Lai Keng Onn said the successful penetration of the electrical and mechanical engineering company into the Thai market was a testament to its strategic executions as the company continued to grow this business segment aggressively.

“We are currently in the midst of finalising a few more projects in Malaysia and Thailand with a combined capacity of 10,206kWp. Barring any unforeseen circumstances, we are confident in securing them within the next month or so.

“These are expected to bolster our profitability with the stability of a recurring income through the execution of PPAs,” he said.

Moving forward, Lai said KAB was tendering for a total installed capacity of about 62,703kWp solar PV systems in Malaysia, Thailand and Vietnam, which would augment the company's position in the Asian region.

“In light of the agenda of sustainability and renewable energy that has been the main topic of discussions among companies as part of their corporate social responsibility, we expect that there will be exponential growth in demand for our services from this business segment in the coming years,” he added.

-- BERNAMA


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