November 28 (Renewables Now) - Malaysian firm Solar Management (Seremban) Sdn Bhd has obtained MYR 247 million (USD 60.2m/EUR 50.5m) to back the construction of a 50-MW solar park.
The financing will be provided by financial services firm Malaysia Building Society Bhd (KLSE:MBSB) under an agreement unveiled by Solar Management’s director Tee Cheng Hua. Speaking at a press conference on Tuesday he said, as cited by local media, that the photovoltaic (PV) plant in Rembau, Negeri Sembilan state, is expected to be commissioned by November 2018.
Mattan Engineering Sdn Bhd will provide engineering, procurement, construction and commissioning services for the project, while China Machinery Engineering Corp (HKG:1829) has been selected as equipment supplier.
The output of the solar park will be sold to Malaysian utility Tenaga Nasional Bhd (KLSE:TENAGA) under a 21-year off-take contract.
Solar Management, which is a unit of Solar Management (Chembong) Sdn Bhd, is one of the seven winners awarded solar project contracts by Malaysia’s Energy Commission Suruhanjaya Tenaga last year in a competitive bidding process.
(MYR 1.0 = USD 0.244/EUR 0.205)