KUALA LUMPUR: Teo Seng Capital Bhd has inked a memorandum of agreement (MoA) with Solarvest Holdings Bhd to install solar photovoltaic panels across Teo Seng’s chicken farms and factories in Johor.

In a statement to Bursa Malaysia yesterday, the egg producer said it had earmarked approximately RM13 million for the installations, involving about 4,000 kilowatt-peak of electricity output.

“This investment is in line with Teo Seng’s aspiration of being an environmentally sustainable organisation as well as supporting the government’s initiatives to encourage the use of green energy.

“The renewable energy generated will be used for the daily operations of Teo Seng’s facilities and is expected to bring savings to Teo Seng’s electricity costs and positively contribute to the global environment conservation efforts,” Teo Seng said.

According to Teo Seng, the MoA, valid for three years from the date of signing, will lapse upon Teo Seng and Solarvest entering into separate engineering, procurement and construction agreements.