Solarvest, Malakoff Consortium Secure Solar Project In Perak
KUALA LUMPUR, Sept 3 (Bernama) -- Malakoff Corporation Bhd and Solarvest Holdings Bhd, through a consortium, have secured a letter of notification from the Energy Commission of Malaysia (EC) to develop a 470 megawatt alternating current (MWa.c.) large-scale solar (LSS) photovoltaic plant in Perak.
In separate filings with Bursa Malaysia today, the companies said the consortium, comprising Malakoff (80 per cent stake) and Solarvest (20 per cent), was shortlisted under the EC’s LSS PETRA 5+ competitive bidding exercise.
“The consortium will incorporate a special purpose company (SPV), which will enter into a Solar Power Purchase Agreement with Tenaga Nasional Bhd for the project for a period of 21 years,” Solarvest said.
Malakoff, in its filing, said the project reflects its ongoing commitment to renewable energy expansion and reinforces its clean energy transition initiatives, in line with Malaysia’s broader national renewable energy objectives.
Both companies said the project will be financed through a combination of debt and equity and is not expected to have any material impact on their respective earnings and net assets for the financial years ending Dec 31, 2025 (for Malakoff) and March 31, 2026 (for Solarvest).
They added that none of the directors or major shareholders of the companies, or persons connected with them, have any interest, direct or indirect, in the project.
-- BERNAMA