Betamek Berhad has announced that it has entered into a Solar Photovoltaic Power Agreement (SPPA) with ManagePay Resources Sdn Bhd (MRSB), a wholly-owned subsidiary of ManagePay Systems Berhad, and a Supply Agreement for Renewable Energy (SARE) with Tenaga Nasional Berhad (TNB).
The SPPA will allow MRSB to install, operate and maintain a solar generating facility on Betamek’s main factory building for 25 years, while the SARE is a tripartite agreement between TNB, Betamek, and MRSB for the design, construction, installation, and ownership, operation and maintenance of a solar PV energy generating system.
The solar PV system will have a capacity of not less than 515.2 kWp and will generate and supply solar PV energy to Betamek. The agreements are aimed at securing renewable energy sources and enhancing the environmental, social, and governance profile of the company.
According to the terms of the SPPA, the electricity tariff will be at a fixed rate of 30% discount of the prevailing tariff rate throughout the 25-year term. The SARE is for a period of 21 years with an additional 4 years under the SPPA. MRSB will procure and maintain all relevant insurances required by TNB against any potential liability, loss, or damage arising from the solar PV system.