January 8 (Renewables Now) - Malaysian power producer Malakoff Corp Bhd (KLSE:MALAKOF) said on Monday it has joined hands with domestic firm Touch Meccanica Sdn to co-develop renewable energy projects in Malaysia.
Under a memorandum of understanding (MOU), the parties will secure, develop and implement large-scale solar and small hydropower plant (HPP) projects in the state of Pahang Darul Makmur. Malakoff CEO Datuk Ahmad Fuaad Kenali told reporters, as quoted by The Sun Daily, that the combined capacity of two planned projects will be about 150 MW.
According to him, about 70% of the total development cost of the projects will be financed through debt, while 30% will come from internal funds.
In its statement on the Malaysian stock exchange, Malakoff said it will conduct the feasibility study for the projects. Depending on the results, the partners may sign a definitive agreement, enter a joint venture or “other appropriate collaboration arrangements” related to the projects.
The MoU expires in six months from the date of signing and has an option for a six-month extension.