Mudajaya Energy collaborates with Concord New Energy to develop renewable energy projects in Southeast Asia and China.
Mudajaya Energy Sdn Bhd (MESB), a wholly-owned subsidiary of Mudajaya Group Berhad (MGB), has announced that it has entered into a Memorandum of Understanding (MOU) with Concord New Energy Group Ltd (CNE) for a joint venture to develop renewable energy projects in Southeast Asia and China.
The two companies will collaborate to submit proposals to execute mutually agreed specific domestic and foreign projects in the regions, particularly in solar and wind energy power projects.
The MOU will establish a 50%:50% unincorporated joint venture for the development, financing, designing, supplying, installing, building, commissioning, operating, and maintaining of renewable energy projects.
MESB, a company incorporated in Malaysia, is principally engaged in the development and operation of power plants in Malaysia and Indonesia, while CNE is a company incorporated in Hong Kong and engaged in the development and operation of renewable energy power plants in China.
The MOU will remain effective for a period of two years, and the proposed venture will allow MGB to expand its current power and energy segment, which is expected to enhance and strengthen the future earnings of the MGB Group.