Solarcity Malaysia Sdn Bhd signs two 25-year power purchase agreements (PPAs) with Chin Herr Industries (M) Sdn Bhd and Chin Well Fasteners Co Sdn Bhd. Solarcity is a 70% owned subsidiary of G Capital Bhd (GCAP).
Solarcity will design, construct, install, own, operate and maintain the solar photovoltaic system with a total capacity of 5,380.56 KWp (2,380.32 KWp and 3,000.24 KWp).
“We welcome and pleased to witness Chin Well group of companies transitioning into renewable energy (RE). The installation of the solar power generating facilities shall reduce Chin Well’s energy expenditure and carbon footprint, which is in line with Malaysia’s RE agenda,” GCAP Executive Director, Datuk Yap Yee Ping said.
Chin Herr Industries (M) Sdn Bhd and Chin Well Fasteners Co Sdn Bhd are subsidiaries of Chin Well Holdings Bhd. Both solar PV plants are expected to commence operation by the fourth quarter of 2022.
“With this winning of 5.38MW PPA, Solarcity has bagged a total of 30.75 megawatts (MW) PPA since GCAP assumed 70 per cent ownership in February 2021,” Yap added.
“With bank project-financing facility funding the remaining of the project costs, we expect these two solar PV systems to reach commercial operation by October 2022 and contribute positively to the Group’s cash inflows and earnings after that,” she said.