- Press Releases
August 27 (Renewables Now) - Malaysian photovoltaic (PV) plants builder Solarvest Holdings Bhd (KLSE:SLVEST) has struck a power purchase agreement (PPA) with Tenaga Nasional Berhad (KLSE:TENAGA) for 50 MW of solar park projects at home.
The contract is tied to three projects, all of which are winners in Round Four of Malaysia’s Large Scale Solar (LSS) programme, Solarvest said on Thursday. It will enable it to sell their output to the Malaysian utility for 21 years.
Two of the photovoltaic (PV) parks will be installed in Manjung, in the state of Perak on the western coast of Malaysia. They will have capacities of 25 MW and 12 MW, respectively. Another plant of 13 MW is set to be built in Kuala Selangor, in the state of Selangor.
Solarvest will bankroll the construction of the solar parks with funds raised from corporate exercise and external borrowings. Its plan is to secure the needed permits by end-2021 and launch construction activities early in 2022. The solar plants are due to go live between 2022 and 2023.
“Upon the commencement of operations, the positive contribution from these solar plants will enlarge our recurring earnings stream from financial year end 2023 onwards, complementing our project-based business model,” said Davis Chong Chun Shiong, CEO of Solarvest.