KUALA LUMPUR (Sept 22): Scomi Group Bhd plans to collaborate with Odesi Ecob Sdn Bhd in developing and promoting an urban solar programme to sell and buy electricity generated from the solar photovoltaic system on a zero-capital expenditure model.

Wholly-owned subsidiary Scomi Capital Sdn Bhd (SCSB) today signed a Memorandum of Understanding (MoU) with Odesi, which is mainly involved in providing information technology solution to the strata industry, in order to explore and secure opportunities in relation to the programme.

In a filing with Bursa Malaysia, Scomi said it would leverage off Odesi’s vast network of customers in the strata industry while Odesi would benefit from SCSB’s expertise in the investment, development and operation of solar concessions.

According to Scomi, the programme aims to promote the use of renewable energy in facilities under the jurisdiction of State governments, city councils, joint management bodies, management corporations, property developers, property management companies and property owners so that they can achieve energy savings.

The zero-capital expenditure model is defined as cost borne by the seller of electricity generated from the system (with no cost of system to be borne by the purchaser) with the purchaser entering into a power purchase agreement with the seller.

The MoU will expire in 12 months unless mutually extended by both parties.

In a separate stock exchange filing, Scomi announced that Bursa Malaysia Securities Bhd (Bursa Securities) had given it a six-month extension up till Feb 28, 2022, to submit its regularisation plan to the relevant authorities.

On Aug 16, 2021, the company submitted an application to Bursa Securities for an extension of 12 months — up till Aug 31, 2022 — to submit its regularisation plan.