Malakoff Completes Acquisition Of ZEC Solar, TJZ Suria

KUALA LUMPUR, Jan 31 (Bernama) -- Malakoff Corporation Bhd has completed its acquisition of ZEC Solar Sdn Bhd and TJZ Suria Sdn Bhd.

In a statement today, the group said it has fulfilled all conditions precedent under the share sale and purchase agreement for the acquisition of 22.39 million shares, representing a 51 per cent equity interest in ZEC Solar, and 49,000 ordinary shares, representing a 49 per cent equity stake in TJZ Suria.

“The acquisition is expected to immediately increase the group’s effective capacity to 159 megawatts (MW) in the renewable energy (RE) sector and optimise operational costs through resource synergies, resulting in economies of scale,” it said.

Managing director and group chief executive officer Anwar Syahrin Abdul Ajib said the acquisition emphasised the company’s continued commitment to support the country’s National Energy Transition Roadmap in addressing the challenges posed by climate change, energy security and ensuring long-term sustainability. 

“It also provides a reference plant to meet the requirements of future large-scale solar (LSS) bidding exercises, both domestically and internationally.

“Adding to this, we have also ventured into hydropower project via RP Hydro (Kelantan) Sdn Bhd's Sungai Galas Project, with a capacity of 84 MW,” he said.

Anwar Syahrin said Malakoff has also secured solar power purchase agreements (SPPAs) with major industry players, including DRB-Hicom, UMW, Railway Assets Corporation, and Keretapi Tanah Melayu Bhd (KTMB).

“There is an undeniable sense of momentum at Malakoff as we accelerate the country’s energy transition.

“It is a testament to our commitment towards contributing to the nation’s target of achieving net zero emissions as early as 2050 and increasing RE capacity to 70 per cent within the same period, fostering a greener future,” he added. 

-- BERNAMA