G Capital Berhad (GCAP) announces that Solarcity Malaysia Sdn. Bhd. (Solarcity), a 70%-owned subsidiary of the Company had signed Supplemental Solar Power Purchase Agreement (SPPA) with the Federal Packages Sdn. Bhd., a private limited company, incorporated and domiciled in Malaysia
Followed with the power purchase agreement inked on 27 July 2022, Solarcity will design, construct, install, own, operate, and maintain a solar photovoltaic energy generating system with a total capacity of 5,500 KWp at the premises of FP located at Pulau Pinang.
With the recent design revision to the Solar PV System, both Solarcity and FP agreed via SPPA to revise the capacity to 4,500.00 KWp. There are no other changes to the power purchase agreement signed on 27 July 2022.
FP is a wholly-owned subsidiary of Muda Holdings Berhad, a public limited company listed on the Main Market of Bursa Malaysia Securities Berhad, incorporated and domiciled in Malaysia.
The Plants is expected to achieve a commercial operation date by the second quarter of 2023 and thereafter is expected to contribute positively to the future earnings of the Group.
