Meta Bright Group Berhad announces that G.E. Mining Sdn Bhd has accepted a conditional letter of offer from Meta Bright’s wholly-owned subsidiary, FBO Land (Setapak) Sdn Bhd to develop, design, finance, install, construct, commission, operate and maintain solar photovoltaic generating plant(s) at GE’s site in Jerantut, Pahang.
The CLO grants FBO exclusive rights to develop Solar PY systems for GE and is for a plant with a rated capacity of 2,152.80 kWp, subject to finalization as per TNB/SEDA/ST guidelines.
As a legally binding agreement, the CLO serves as a precursor to follow-up agreements including the final Power Purchasing Agreement (PPA) with a term of 25 years, whereby both GE and FBO, via its Solar PV Zero Capex Program, will adhere to the terms and conditions laid out therein. Apart from providing GE with a solar tariff rate of 10% discount prevailing rate to TNB Tariff Rate plus Imbalance Cost Pass-Through (ICPT), GE also has the right to purchase the completed Solar PV System at fair market value, at any point over the 25-year period.
With the acceptance of this CLO, Meta Bright’s Renewable Energy order book stands at circa 3MW, growing the total order book capacity by approximately 200%. The 25-year PPA is in line with Meta Bright’s goal of building a resilient recurring earning base as part of its ongoing multi-year transformation journey.
“I am delighted to announce that GE Mining has accepted the CLO in relation to our RE solution, marking a significant milestone in GE’s journey towards a more sustainable future. Their commitment to sourcing clean energy for their mining operations reflects their dedication to responsible environmental practices,” said Executive Director Derek Phang Kiew Lim.
“This partnership showcases our ability to work with the mining industry in exploring and harnessing the potential of renewable energy. Beyond our organizations, we believe this collaboration sets a compelling example for the entire sector, demonstrating that environmental responsibility can align seamlessly with economic viability. To that end, we have already received enquiries from other players in the sector and Meta Bright remains open to discussions with other potentially interested parties. I extend my heartfelt gratitude to the dedicated teams from both Meta Bright and GE Mining who have worked diligently on progressing our mutual partnership to the next stage and I look forward to the day when we can finally energize GE Mining with clean energy. Together, we are illuminating the path to a greener, more sustainable, and brighter future,” added Derek.