ib vogt announces today the successful financial closing and start of construction of Coara Marang Solar Project. The project of 116 Megawatts (MWp) has been developed, in consortium with its Malaysian project partner Coara Solar, under the third round of the Large Scale Solar (LSS3) scheme issued by Suruhanjaya Tenaga (Energy Commission of Malaysia) in 2019 as part of the government’s efforts to increase the country’s renewable energy mix from 2% to 20% by 2025.
In June 2020, the project signed a 21-year Power Purchase Agreement (PPA) with the country’s largest electricity utility, Tenaga Nasional Berhad (TNB). It has now secured a senior debt facility from Malayan Banking Berhad (Maybank), one of the largest banks in Southeast Asia and a strong supporter of renewable energy projects.
The power plant located in Marang, Terengganu – in north-east of Peninsular Malaysia, comprising 245 hectares, will deploy high-class bifacial technology mounted on single-axis trackers, in order to achieve maximum energy production efficiency. Once operational in Q1, 2022, Coara Marang Solar Project will deliver circa 230 GWh of clean energy per year and avoid more than 170,000 tonnes of CO2 emissions per annum.
“We are pleased to announce this important milestone, which was made possible thanks to our experienced team and committed financing partner Maybank, as well as the support of local authorities. Malaysia is a market with huge potential for renewable energy and ib vogt is dedicated to support on meeting the country’s renewable energy targets by delivering this important project as planned during these challenging times.”, says Anton Milner, Managing Director of ib vogt GmbH.