WREA And AGTF Soon To Close 17 MW Solar Plant Deal

WREA RE Assets Sdn Bhd (WREA), a joint-controlled entity of Federal International Holdings Bhd (FIHB) is in the final phase of negotiation to completely acquire a solar plant of 17 MW capacity with Asia Greentech Fund (AGTF).

AGTF and WREA previously acquired two solar power plants of 15 MW capacity in East Malaysia and after acquiring this plant, the total solar portfolio of AGTF and WREA will be 32 MW.

FIHB executive director Datuk Choy Wai Ceong said, “AGTF, a fund that invests in green energy and green technology in Asia in response to climate change, is a perfect fit for us. With AGTF and Fabulous Sunview Sdn Bhd (FSSB) as our partners, this helps to strengthen the FIHB’s financial capacity to expand its business in the renewable energy segment.”

The estimated project cost of the project is around RM150 million and will be funded with debt and equity financing. FIHB may have a direct stake in the solar plants. On average, the company has around 10-40% stake in each plant.

Asia Greentech Fund invests in green energy and green technology in Asia in response to climate change. Moreover, the Fund works closely with governments and agencies in many countries.