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Plus Xnergy Forms JV With Yinson To Develop And Implement C&I Rooftop Solar PV Projects In Malaysia

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Demand Fueled by Global Energy Crisis Drives Plus Xnergy & Yinson to Further Partnership with Joint Venture

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Plus Xnergy Holding Sdn. Bhd. (Plus Xnergy) through its wholly-owned subsidiary Plus Xnergy Services Sdn. Bhd. (PXS) has formed a joint venture with Yinson Holdings Berhad (Yinson) through its subsidiary, YR C&I Pte Ltd, to develop and implement commercial and industrial (C&I) rooftop solar photovoltaic (PV) projects in Malaysia. The joint venture will enable Plus Xnergy Asset, a subsidiary of PXS, to invest in and develop power purchase agreement (PPA) projects.

The move merges Yinson’s experience as an energy infrastructure and technology firm with a worldwide presence, and Plus Xnergy’s strength as a leading solar PV system provider and Engineering, Procurement, Construction, and Commissioning (EPCC) solutionist in Malaysia. 

This is a step forward in bolstering their joint commitment since an initial collaboration agreement in August 2021. Having successfully secured PPA projects worth RM43 million in the last eight months, the firms are keen to jointly invest and develop solar PV projects via power purchase agreement (“PPA”) schemes.

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A PPA is a solar financing solution where a business entity does not incur capital expenditure (zero CAPEX) when adopting a solar solution. Aimed at optimising cash flow, businesses gain reduced electricity tariffs over a 15-20-year tenure. Once mature, business owners take full ownership of the solar setup and its savings benefits. 

With the PPA solution, PXA will finance, install, operate, and maintain solar PV systems installed at the respective businesses. This is ideal for businesses who are keen to preserve cash flow whilst reaping the benefits of solar, both environmentally and financially.  

Thang Chee Keong, CEO of Plus Xnergy Services, said, “We are honoured to be furthering our alliance with Yinson through this shareholder agreement. With this in place, we deepen our partnership and joint endeavour towards making both clean and lower costing energy a possibility for businesses in Malaysia and beyond. 

“Despite the pandemic and fluctuating demand, we remain confident that in meeting the 250MW goal of total installed capacity within five years.

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“We will also work towards securing projects with multinational companies based in Malaysia, as many have already begun their Sustainability & Environment, Social and Governance (“ESG”) journeys.

Speaking at the shareholder’s agreement signing event earlier, Chief Executive Officer of Yinson Renewables, David Brunt said, “This Agreement will allow us to further implement sustainable energy solutions for prominent energy consumers, whilst the secured projects are clear evidence of confidence in cleaner alternatives in energy. In addition, this contributes positively towards Malaysia’s energy transition.”

“PXA will continue to invest in PPA solutions in order to empower businesses in their journey towards reducing their OPEX whilst switching to cleaner energy. The zero capital expenditure required on the part of businesses has clearly helped our customers make the transition. Undoubtedly the rise in energy cost has made this a clearer option. Continued adoption of PPAs will also support national agendas and reforms such as the carbon neutrality goal by 2050,” closes Thang.

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