Solarpack Corporación Tecnológica, S.A., announces the award of a long-term power purchase agreement (PPA) for one of its projects under development in Malaysia. The award, which is the result of the competitive process launched by the Malaysian Energy Commission in February 2019, will imply the signing in the coming weeks of a 21 year long PPA for its “Suria Sungai Petani” project, which is located in the district of Kedah and must achieve commissioning before December 31, 2021.
Solarpack began its activity in Malaysia in 2016, when it started the development of a portfolio of projects aimed at participating in the bidding rounds planned by the Malaysian Government. In August 2019, the Company presented an offer for the sale of energy of its 116 MW “Suria Sungai Petani” project, winning approximately 20% of the total bid at a sale price of 231.8 Ringgits/MWh (equivalent to approx. US$ 56/MWh). A total of 112 energy sale bids were submitted to this bidding round, out of which 5 have been finally awarded. The PPA assures energy sales for Solarpack exceeding 800 million
Ringgits (equivalent to approx. US$ 195 million) during the life of the contract.
With this award, Solarpack accumulates a total of 215 MW of new Backlog entries in 2019 (including 100 MW of EPC for third parties awarded in Spain), which are incremental to the 510 MW of Backlog, or contracted portfolio, with which the Company went public in December 2018. In this way, Solarpack takes another step towards its goal of executing on average between 150 and 300 MW per year beyond 2019.