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• Contributes to the Penang State’s Green Agenda 2030 Sustainability Goals Expands Operation
• Expands Footprint in Northern Malaysia, Aims to Capture RE100 Companies Market Share
In line with our country’s goal to reach carbon neutrality by 2050, leading clean energy solutionist Plus Xnergy Asset (“PXA”), a wholly-owned subsidiary of Plus Xnergy Holding (“Plus Xnergy”) has signed a corporate power purchase agreement (PPA) with Keysight Technologies. The Power Purchase Agreement (PPA) is a contract between Keysight, the energy buyer, and Plus Xnergy Asset, the energy seller.
Through this PPA solution, Plus Xnergy finances the solar photovoltaic (PV) system installed at Keysight’s Bayan Lepas facility, enabling Keysight to purchase electricity at lower-than-grid rates for the next 20 years. After the 20-year tenure, the system is then transferred to Keysight’s ownership where they continue to reap its benefits.
This effort supports the Penang Green Agenda 2030 launched just last year, aimed at nurturing environmental causes and sustainable development in the state.
It also aligns with Plus Xnergy’s efforts as a member of the United Nations Global Compact, the world’s largest corporate sustainability initiative that calls for companies to align strategies and operations with universal principles on human rights, labour rights, environment and anti-corruption, and takes actions that advance societal goals.
“We commend our participant, Plus Xnergy, for their dedication and commitment to building a more sustainable Malaysia. In line with Malaysia’s plan on becoming a carbon-neutral country by 2050, we encourage business owners to adopt clean energy through renewable energy methods. We look forward to the upcoming plans and products that position Plus Xnergy as a value creator for ambitious climate action.” said Mr. Faroze Nadar, Executive Director of UN Global Compact Network Malaysia & Brunei.
Plus Xnergy has successfully designed and financed the system and is currently installing the solution at Keysight’s Bayan Lepas, Penang facility. Once completed Plus Xnergy will manage the operations of the solar system, providing an end-to-end solution in ensuring its efficacy and effectiveness.
The photovoltaic system covers the rooftops of all eight buildings at the site and is the largest solar power generation system for Keysight globally. It will reduce the equivalent of approximately 5,000 metric tons of carbon dioxide emissions in the first year and more than 95,000 metric tons over 20 years.
“We are aggressively pursuing opportunities in the northern states of Penang, Perak and Kedah as many multinational companies are located here with their commitment to sustainability by being part of the RE100 global community.
“We see potential here, especially post-pandemic as many companies seek to transition to net-zero emissions by pursuing 100% renewable strategies,” said Ko Chuan Zhen, Group CEO & Co-Founder of Plus Xnergy.
The Keysight photovoltaic system installation includes an Energy Performance Management System (EPMS) developed by Plus Xnergy, called SOURCE. This is projected to assist Keysight in monitoring building energy consumption and potentially optimize energy savings.
“We are privileged to be working on this effort with Keysight Technologies, to be a part of their transition towards clean energy. Through this, Keysight would be able to optimize cash flows via recurring savings from lowered electricity tariffs at no upfront capital expenditure (CAPEX),” said Ko Chuan Zhen, Group CEO & Co-Founder of Plus Xnergy.
Ko Chuan Zhen, Group CEO & Co-Founder of Plus Xnergy
Overall, Plus Xnergy has contributed to the rapid uptake of clean energy in Malaysia by outfitting various companies in Malaysia from 2020 to 2021. They include Mah Sing Plastics, AJIYA, Khind, IKEA, Penfabric, Boh Tea, UWC amongst others.
“Aligned to our nation’s goal of achieving carbon neutrality by end 2050, the recent allocation of an additional 300MW for the Net Energy Metering (NEM) NOVA on 15 November 2021, has seen an uptake of 17MWp, or 5% within a day from the commercial and industrial segment.
“Applicants of the NEM NOVA have the options to finance their solar setups, from outright purchase to the no-upfront schemes such as the Power Purchase Agreement (PPA) which would help lower their operating expenses,” added Ko.