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Metronic Global Bhd reports that its joint venture Sinaran PPA Sdn Bhd signed two power purchase agreements. These PPAs relate to solar energy operations.
The new solar energy projects in Kedah have PPAs valued at RM50 million and have a capacity of 4,121 kWp over a 25-year term.
Sinaran PPA, a joint venture company between Metronic Sdn Bhd and Earthtech Sdn Bhd is Sinaran PPA.
“The construction and installation solar PV facilities pursuant these two power purchase arrangements are expected to be completed in the fourth quarter 2022, with operations immediately following.
Metronic stated in a statement that the group’s plans to enter the solar energy industry is based on Malaysia’s favorable outlook and prospects.
It added that the long-term recurring income from leasing the electricity from the solar PV facility to site owners under Sinaran PPA’s solar leasing activities is expected to positively impact the group’s future earnings.
Sinaran PPA is currently in negotiations with potential solar leasing partners for buildings located in Selangor, Kedah, Penang and Perak.