Malaysia's BiON creates solar power subsidiary, buys first solar assets

Solar panels. Author: 100% Campaign.

December 11 (Renewables Now) - Malaysia-based biogas plants developer BiON Plc (LON:BION) on Thursday announced its first foray into the solar power market with a new subsidiary and the purchase of a stake in solar assets.

The new subsidiary, BiON Suria, is set up to take advantage of the expected growth in the solar sector, which is backed by a number of initiatives by the Malaysian government. The new unit will look for strategic acquisitions of assets that have completed the Feed-in-Tariff bidding process and have power purchase agreements (PPAs). BiON Suria will also look to take part in selected projects and partnerships.

The company's first acquisition is a 77% stake in 0.95 MW of rooftop solar projects. The installations have long-term PPAs and supply excess power to national utility Tenaga Nasional Berhad (TNB). The assets are located on religious buildings in the states of Perak and Sabah. The deal with construction firm Motion Ventures Sdh Bhd was worth MYR 6 million (USD 1.5m/EUR 1.2m) in total, to be paid in parts.

(MYR 1.0 = USD 0.247/EUR 0.204)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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