October 11 (Renewables Now) - German energy company De Raj Group AG (ETR:DRJ) announced Friday its plan to acquire a stake in an unnamed Malaysia-incorporated company that, through a subsidiary, owns a 9.9-MW biomass-fired power plant project in the Southeast Asian country.
De Raj entered into two agreements with the Malaysia-based private limited company and its holding company. With these agreements, De Raj is in line to subscribe to convertible preference shares in the Malaysian company and acquire a 35% stake.
The targeted company is to indirectly own, manage and operate a biomass-fired plant in Malaysia, using Japanese technology. The plant is expected to sell its output to the grid. No other details have been provided.