G Capital’s Solarcity Malaysia Revises Solar Power Purchase Agreement To 2,000 KWp With Chin Herr Industries

G Capital Berhad (GCAP) announces the revision of the power purchase agreement (PPA) between Solarcity Malaysia Sdn. Bhd., a 70 %-owned subsidiary of GCAP, and Chin Herr Industries (M) Sdn. Bhd., a wholly-owned subsidiary of Chin Well Holdings Berhad.

In a supplemental Solar Power Purchase Agreement (SPPA) signed, Solarcity revised the capacity of the solar photovoltaic energy generating system (Solar PV System) at Chin Herr’s premises in Bukit Mertajam, Penang. Initially planned for a total capacity of 3,000.24 KWp, the estimated installed capacity was earlier revised to 2,470.60 KWp on July 27, 2022. With the recent design update, both parties agreed to further revise the capacity to 2,000.00 KWp.

Chin Herr Industries, a private limited company and a wholly-owned subsidiary of Chin Well Holdings Berhad, is listed on the Main Market of Bursa Malaysia Securities Berhad.

The financial effects of the revised SPPA are expected to contribute positively to the group’s future earnings, with the Plants anticipated to achieve commercial operation by the second quarter of 2024. The revision is not anticipated to have a material impact on the group’s earnings and net assets for the financial year ending December 31, 2024, aside from the positive contribution from the Plants.