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Gopeng Berhad Receives Four Year Extension For Its 50MWac Solar PV Project

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Gopeng Berhad (GB) has received a notification letter from the Energy Commission notifying its wholly-owned subsidiary, GBS Suria Sdn. Bhd. on the extension of the Financial Closing Date, Scheduled Commercial Operation Date and effective period of the Power Purchase Agreement for the Large Scale Solar Photovoltaic Plant (LSSPV) of 50MWac at Kampar, Perak.

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The extension of the financial closing date from 30 June 2022 to 30 September 2022 as well as an extension of the scheduled commercial operation date from the initial date to 31 December 2023.

The extension of the effective period of PPA with four years extension with a total period from 21 years to 25 years, with the following conditions:- a. The agreement related to the period of land use rights shall be amended to ensure that the project site can be used until the end of the PPA, in particular, for a period of 25 years; and b. The warranty for solar plant panels and equipment shall be extended, in particular, for a period of 25 years.

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The revised terms for the PPA will govern the obligations of GBS Suria and Tenaga Nasional Berhad to sell and purchase the energy generated by the Facility to TNB for a period of 25 years from the commercial operation date. With the new effective period announced, the Facility will be operated and maintained up until the year 2048.

The new effective period of the PPA will be stipulated under the Supplementary Agreement to the PPA which will be signed between GBS Suria and TNB. The signing of the Supplementary Agreement to the PPA is not expected to have any material impact on the earnings and net assets of GB and its group companies for the financial year ending 31 December 2022. However, the Supplementary Agreement to the PPA is expected to contribute positively to the future earnings of GB Group.

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