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G Capital unit inks 25-year solar PPA with Chin Well

09/05/2022 03:59 PM

KUALA LUMPUR, May 9 (Bernama) -- G Capital Bhd’s (GCAP) 70 per cent-owned subsidiary Solarcity Malaysia Sdn Bhd has today signed a 25-year solar power purchase agreement (PPA) with Chin Well Fasteners Co Sdn Bhd and Chin Herr Industries (M) Sdn Bhd for a total capacity of 5.38MWp.

GCAP executive director Datuk Yap Yee Ping said Solarcity would design, construct, install, own, operate and maintain solar photovoltaic energy generating system (solar PV system) with a capacity of 2,380.32 KWp and 3,000.24 KWp for Chin Well Fasteners and Chin Herr respectively .

Both companies are wholly owned subsidiaries of Chin Well Holdings Bhd.

“The installation of the solar-power generating facilities shall reduce Chin Well’s energy expenditure and carbon footprint, which is in line with Malaysia’s renewable energy agenda,” he said in a statement today.

In a filing with Bursa Malaysia, GCAP said the plants which are located in Penang are expected to be commercially operational by the fourth quarter of 2022 and thereafter expected to contribute positively to the future earnings of the group.

Yap said the PPAs signed today augur well with GCAP’s proposed rights issue of redeemable convertible unsecured loan stocks (RCULS) -- of which upon full subscription, up to RM4.8 million of the proceeds would be used to part-finance the solar PV systems for these two PPAs.

“We are confident that utilisation of proceeds from the proposed rights issue to complete the solar PV projects and mini-hydropower projects will be able to maximise shareholders value,” he added.




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