G Capital Berhad (GCAP) has announced the successful commissioning of a 2,000 kWp solar photovoltaic (PV) system through its 70%-owned subsidiary, Solarcity Malaysia Sdn Bhd. The system was installed under a Supplemental Power Purchase Agreement (PPA) with Chin Herr Industries (M) Sdn. Bhd., a subsidiary of Chin Well Holdings Berhad.
Solarcity Malaysia Sdn Bhd completed the installation and commenced operations of the solar PV system on 2 July 2024. The installation was part of the PPA dated 9 May 2022 and the Supplemental PPA dated 26 January 2024. The solar PV system is located at Chin Herr’s premises in Bukit Tengah Industrial Estate, Penang, Malaysia.
Chin Herr Industries, a private limited company based in Penang, specializes in manufacturing precision galvanized wire, annealing wire, bright wire, hard drawn wire, PVC wire, bent round bar, and grill mesh. It is a wholly-owned subsidiary of Chin Well Holdings Berhad, which is listed on Bursa Malaysia Securities Berhad.
The new solar PV system is expected to generate revenue and earnings for GCAP over a 25-year period starting from the commercial operation date of 2 July 2024. The PPA’s terms ensure a stable contribution to the group’s revenue without significantly impacting the earnings and net assets for the financial year ending 31 December 2024.
The Board of GCAP believes that the commissioning of the solar PV system under the PPA is in the best interest of the group, enhancing its sustainable energy initiatives.
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