KUALA LUMPUR (June 24): Malakoff Corp Bhd has appointed Solarvest Holdings Bhd as its solar photovoltaic (PV) systems contractor to accelerate its solar power purchase deals with several logistic players in the country.

In a statement today, Malakoff said the partnership also aims to assist businesses in Malaysia achieve its environmental goals through solar PV solutions.

“This tie-up will power up the logistic facilities of renowned industry players, namely Pos Malaysia Bhd, Northport (Malaysia) Bhd and Johor Port Bhd, with advanced solar PV systems, transforming the respective rooftops into solar powerhouses.

“The solar facilities installed will be under a Solar Power Purchase Agreement (SPPA) ranging between 20 and 25 years. Upon completion, the total generation from these three (3) facilities are expected to produce approximately 11,609.90 MWh of clean electricity per annum. These will collectively neutralise about 8,057 tonnes of carbon emissions per year for the logistics industry,” Malakoff said.

Under the partnership, Solarvest will be undertaking the engineering, procurement, construction and commissioning (EPCC) works, while Malakoff finances and owns the rooftop solar assets throughout the duration of the SPPAs.

Malakoff managing director cum chief executive officer Anwar Syahrin Abdul Ajib said it is vital for the group as the largest Independent Power Producer (IPP) in the country to enable access to sustainable energy for local industry providers and pave the way for businesses to reform its electricity consumption.

“We believe strongly that the investment in renewable energy is not only good for the environment but also makes good economic sense, especially for the logistics industry that operates 24/7.

“The fixed electricity tariff through SPPA will protect businesses from any potential price hikes and result in cost savings. This allows business owners to allocate more financial resources to fuel its future expansion,” he said.

Solarvest Group CEO Davis Chong Chun Shiong said the utilities industry in the country is in the midst of a rapid change, and that having an established independent power producer such as Malakoff investing in solar projects, further signifies the massive growth potential of the domestic renewable energy industry.

“There has been significant growth in demand for clean energy from the private sector, especially those that require high-level energy usage. This is evidenced in the rapid uptake for the quota allocated through the recent Net Energy Metering (NEM) programmes by commercial and industrial consumers.

“We aim to replicate such joint efforts with reputable renewable energy players such as Malakoff, in our endeavour to unlock more green energy to the nation,” Chong added.

Malakoff shares slid one sen or 1.23% to settle at 80 sen today, giving it a market capitalisation of RM4.03 billion.

Solarvest ended the day four sen or 3.01% lower at RM1.29, for a market cap of RM817.80 million.