Malaysia’s Pekat Group Enters Power Purchase Agreement For Solar Project In Maldives

Pekat Group Berhad is pleased to announce that its indirect wholly-owned subsidiary, Solaroo RE (Maldives) Pvt. Ltd., has signed a Power Purchase Agreement (PPA) with Sun Investments Pvt. Ltd. to supply solar-generated electricity.

Under the agreement, Solaroo will develop a solar photovoltaic power system with a direct current capacity of 1,727 kilowatts peak (kWp) and a Battery Energy Storage System (BESS) capacity of 1,398 kilowatt-hours (kWh). This system will be installed at Sun Siyam Vilu Reef, Maldives, and is expected to generate approximately 25.45 million kWh of electricity over the 10-year contract term, valued at around USD 6.9 million (RM29.8 million).

The PPA will commence from the Commercial Operation Date (COD), anticipated within 12 months from the site possession date, and will continue for 10 years. While the PPA will not immediately impact Pekat’s issued share capital or major shareholders’ holdings, it is expected to enhance the group’s earnings and net assets over the contract period.

Pekat has not identified any exceptional risks beyond standard operational and regulatory concerns and will implement measures to manage these as needed. None of the company’s directors, major shareholders, or executives have any direct or indirect interest in the PPA.

The Board of Directors of Pekat views this agreement as a routine business development and a positive step for the company. A copy of the PPA will be available for inspection at Pekat’s registered office in Kuala Lumpur for three months from the date of this announcement.