KUALA LUMPUR (April 19): Mudajaya Group Bhd said it has partnered with Hong Kong-based Concord New Energy Group Ltd (CNE) to jointly bid for tenders to undertake solar and wind energy power projects.

The group said its wholly-owned unit Mudajaya Energy Sdn Bhd — which operates power plants in Malaysia and Indonesia — is looking at developing such projects in Southeast Asia and China.

The proposed venture affords the group the opportunity to expand its current power and energy segment, which is expected to strengthen its future earnings, said Mudajaya in a bourse filing.

CNE, which is listed on the Stock Exchange of Hong Kong, is engaged in the development and operation of power plants (mainly in renewable energy) in China.

Mudajaya Energy and CNE will form an unincorporated joint-venture on a 50:50 basis to develop and finance the renewable energy projects, particularly in solar and wind energy power plants.

The Memorandum of Understanding between these two parties will remain effective for a period of two years.

Mudajaya shares added 2.63% or half sen to 19.5 sen, giving it a market capitalisation of RM366 million.