Cypark, LG Electronics join hands on 8-MW solar project in Malaysia
Sep 23, 2011 - Malaysian environmental technology and engineering firm Cypark Resources Bhd (KUL:CYPARK) unveiled a preliminary agreement with South Korean LG Electronics Inc (SEO:066570) for the construction of an 8-MW solar park in Malaysia.
Cypark has secured a MYR-75-million (USD 24m/EUR 17.5m) loan facility with HSBC Holdings (LON:HSBA), it said.
This summer Malaysia launched a complex feed-in tariff (FiT) scheme to back its efforts to reach a 5.5% share of renewables in the national energy mix by 2015. The price per kWh produced by solar photovoltaic (PV) systems begins at MYR 1.23 for installations with capacities below 4 kW and gradually declines to MYR 0.85 for systems bigger than 10 MW and smaller than 30 MW. There are six different tariffs depending on the capacity of the power facility.