KUALA LUMPUR, Oct 21 — RAM Sustainability Sdn Bhd has assigned a Tier-1 Environmental Benefit (Tier-1 EB) rating to Halpro Engineering Sdn Bhd’s (Halpro) solar plant under its proposed RM195 million Asean Green sustainable responsible investment…
PETALING JAYA: Solarvest Holdings Bhd is looking to raise RM34.6 million from its listing on the ACE Market of Bursa Malaysia.
Solarvest specialises in turnkey engineering, procurement, construction and commissioning (EPCC) services for solar photovoltaic (solar PV) systems.
Of the proceeds raised, RM19.2 million or 55.5% will be utilised for the group’s working capital for daily operations and future projects; RM3 million or 8.7% for its geographical expansion in the domestic and international markets; RM4 million or 11.5% to enhance technical capabilities; and RM5 million or 14.5% for repayment of bank borrowings.
Locally, the group will spread its footprint in the Southern region of Peninsular Malaysia. Beyond Malaysia, it is planning to enter into Vietnam and Taiwan markets.
Solarvest’s IPO entails a public issue of 98.83 million new shares, representing 25.3% of its enlarged share capital at an issue price of 35 sen per share. Of the public issue, 19.53 milion shares will be made available for the Malaysian public; 19.53 million shares for eligible directors, employees and persons who have contributed to the success of Solarvest; 39.06 million shares by way of private placement to Bumiputera investors approved by the Ministry of International Trade and Industry; and 20.7 million shares by way of private placement to selected investors.
Solarvest is slated to be listed on November 26, 2019 with a market capitalisation of RM136.7 million. It is 45% owned by Main Market-listed Chin Hin Group Bhd, which will pare down its shareholding in Solarvest to 33.6% upon listing.
Solarvest has completed solar PV systems for large scale solar photovoltaic plants (LSSPV) as well as residential, commercial and industrial properties.
Its CEO Davis Chong Chun Shiong said the Malaysian solar sector is experiencing an expansionary phase with increasing levels of interest in solar power.
“The take-up rates of the net energy metering programme and LSSPV programme have seen encouraging growth amongst commercial and industrial users as well as large investors.”
He said the outlook of the solar industry is further enhanced by the strong support from the local government, whereby various policies and programmes were implemented to accelerate investment shifts towards renewable energy.
LONDON, Sept 5 — Global investment in new capacity for renewable energy is on course to reach US$2.6 trillion by the end of this decade, more than triple the amount of the previous decade, a report commissioned by the UN Environment Programme…
PETALING JAYA: HSS Engineers Bhd has entered into a memorandum of understanding (MoU) with Sapura Secured Technologies Sdn Bhd, Synergy Generated Sdn Bhd and Penor Renewable Energy Sdn Bhd to bid for a large scale solar photovoltaic power plant in Peninsular Malaysia.
An unincorporated consortium under the name of SHS Consortium will be formed.
According to HSS’ filing with Bursa Malaysia, the sole purpose SHS Consortium is to submit a joint proposal in response to a request for proposal by Suruhanjaya Tenaga Malaysia to develop, finance, design, supply, install, operate and maintain a large scale solar photovoltaic power plant for Peninsular Malaysia.
In the event of a successful bid, the parties agree to incorporate a special purpose vehicle company to implement the project with HSS Engineers holding 28.5% equity.
EW DELHI, July 19 — India’s government is in talks with foreign lenders to provide as much as US$14.5 billion (RM59.6 billion) in credit to millions of its small firms, two officials said, in a sign the country’s banking system may not be…
HONDE VALLEY (Zimbabwe), July 3 — David Muganyura smells the coffee cherries on the slopes of his plot and breaks into a smile, as he chats to workers who are harvesting a crop he expects to be his biggest to date. A long-time Zimbabwean coffee…
PETALING JAYA: Integrated Logistics Bhd’s wholly owned subsidiary IL Power Sdn Bhd is acquiring a piece of agricultural land in Kuala Muda, Kedah measuring 78.92ha from Kai Sik Latex Products Sdn Bhd for RM24.17 million.
According to the group’s Bursa filing, the Land is intended to be developed into industrial land for purposes of solar energy ventures. However, the development plan for the development has yet to be finalised at this juncture.
“The acquisition of the land and upon its development into solar power project is expected to contribute positively to the future revenue and earnings of the group.”
Integrated Logistics will fund the land purchase through a combination of internally generated funds and/or bank borrowings.
WASHINGTON, May 22 — More than 150 million people are gaining access to electricity every year, reducing the ranks of those who live without power, but this is not enough to meet global development goals, according to a report released today….
PETALING JAYA: Jaks Resources Bhd proposes to acquire the Lig-Quang Tri solar power project in Vietnam from LICOGI 13.
The group told Bursa Malaysia that it had entered into a memorandum of understanding (MoU) with LICOGI 13, a joint stock company incorporated in Vietnam for the purchase.
It also allows both parties to enter into joint venture arrangements or sale and purchase transactions for future solar and wind energy projects in Vietnam.
LQT Solar Power Plant, invested by LICOGI 13 will come into operation at the end of June 2019 in the central province of Quang Tri, Vietnam. The plant has a total capacity of 49.5 megawatts and average generation of 67.960 megawatts per year.
The power purchase agreement for the LQT Solar Power Plant was executed on Oct 23, 2018 and this project has a life time of 50 years. Presently the plant is completed and awaiting connection to the national grid.
Jaks said the execution of the MoU is to allow both parties to negotiate the terms of the sale and purchase agreement of the LQT solar power project.
In the event that the sale and purchase agreement is not entered into between both parties on or before the June 30, 2019, the MoU will lapse.
Jaks will have the right within 14 days of signing the MoU to appoint advisors and agents to conduct such review of the assets, liabilities, operations and affairs of the project.
At the midday break, its shares gained 1 sen or 1.4% to 75 sen on 4.19 million shares done.
Petronas ventures into global renewable energy market through Singapore’s Amplus Energy Solutions buy
PETALING JAYA: Petroliam Nasional Bhd (Petronas) is venturing into international renewable energy market with the acquisition of a 100% stake in Singapore-based Amplus Energy Solutions Pte Ltd (M+).
The state-owned oil major said in a statement that it has inked an agreement with infrastructure investor I Squared Capital for the acquisition.
The acquisition is expected to be completed later this month.
Established in 2013, M+ is specialised in end-to-end solutions for rooftop and ground-mounted solar power project, for commercial and industrial customers. It currently serves over 150 commercial and industrial customers in over 200 locations across India, the Middle East and Southeast Asia, with a cumulative capacity in the excess of 500 MW.
“This acquisition reflects Petronas’ strategic intent to grow in the renewable energy space as part of our strategy to step out beyond oil and gas into the new energy business,” said Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin.
He stated that this also represents the group’s first international solar venture and it looks forward to providing energy solutions to customers in the high growth energy markets.
Meanwhile, I Squared Capital founding partner Gautam Bhandari noted that M+ grew over 400% annually to become a world-class, end-to-end company serving the corporates in Asia to reduce their greenhouse gases and combat climate change.
“We believe that M+ will continue to play a leading role in building a greener future thanks to an outstanding management team and wish them and Petronas the best in their future endeavours.”
At home, Petronas earlier announced a collaboration with UiTM Holdings Sdn Bhd, the investment arm of Universiti Teknologi Mara, to jointly develop large scale solar photovoltaic power plants and on-campus energy optimisation and solar rooftop projects.