BUSINESS

KINERGY ADVANCEMENT EXPANDS INTO RE, OPTIMISTIC OF MORE PROJECTS IN 2024

19/01/2024 04:18 PM

KUALA LUMPUR, Jan 19 (Bernama) -- Kinergy Advancement Bhd is optimistic about achieving higher returns this year compared to 2023 by securing more projects from its current clients and investors as well as expanding in the renewable energy (RE) sector.

Its executive deputy chairman and group managing director, Datuk Lai Keng Onn, said that investors, including institutional investors, are very supportive of the group's initiatives venturing into the RE space.

“I think things will be better for this year, and we will persist in targeting more solar projects as it is part of our focus,” he told the media after the signing of a head of agreement (HOA) between KAB Energy Holdings Sdn Bhd (KABEH) and LCS Holdings Inc here, today.

According to Lai, the group is also expecting further RE project growth in Malaysia this year and is also to expand more projects in the Southeast Asia region, starting with the Philippines.

Concerning the HOA, Kinergy Advancement’s wholly-owned subsidiary KABEH and LCS will jointly develop a 20 Megawatts-peak (MWp) solar farm project at Santa Ilocos Sur, Philippines. 

Lai said LCS, the project owner, has secured all necessary contracts and permits for this solar farm project.

He said that this landmark collaboration with LCS adds to KAB’s diverse and robust renewable portfolio, which includes various solar, hydro, and biogas assets spanning Malaysia, Thailand, Indonesia, and now the Philippines.

“By combining LCS’s extensive expertise in solar energy and our prowess in engineering solutions, we aim to create a model of renewable energy efficiency and economic viability. 

“This project, with a 25-year lifespan, is not just a significant step towards a more sustainable future but also an avenue for sustained long-term earnings for our group,” he said.

-- BERNAMA


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