Malaysia's Penang seeks investment in solar projects
(SeeNews) – Dec 6, 2011 – The government of Malaysia's state of Penang has urged investors to pump more money in solar energy projects in the state, stressing that such projects would lead to solid returns in the long run, the Star newspaper said today.
The newspaper quoted Penang's chief minister Lim Guan Eng, who said on Monday that even the smallest amount of investment in solar projects - of around MYR 60,000 (USD 19,140/EUR 14,290) - would result in profits in up to 10 years.
He noted that the Renewable Energy Act 2011 obliges utility Tenaga Nasional Bhd (TNB) to buy power from the solar power generators. He added that developers could benefit from a special tax exemption.
(MYR 1.0 = USD 0.319/EUR 0.238)