Sunview to Acquire 50 MW Penang Solar Plant via RM55 Million Deal

Sunview Group Berhad has announced plans to acquire full ownership of JAKS Solar Nibong Tebal Sdn Bhd (JSNT), the operator of a 50-megawatt large-scale solar photovoltaic (LSS) plant in Penang, in a transaction valued at up to RM55 million.

The proposed acquisition will be executed through Sunview Asset Management Sdn Bhd, a wholly owned subsidiary of Sunview, which has entered into a conditional share sale agreement with JAKS Solar Power Sdn Bhd. Under the agreement, Sunview will acquire all 10 million ordinary shares in JSNT, representing 100% equity ownership.

The transaction comprises a cash consideration of RM15 million, along with the settlement of shareholders’ advances of up to RM40 million, capped as at December 31, 2025.

Strategic Expansion into Power Generation Assets

JSNT owns and operates a 50 MW large-scale solar photovoltaic plant in Nibong Tebal, Penang, which achieved commercial operation on August 18, 2023. The project was awarded under Malaysia’s Large Scale Solar 4 (LSS4) programme and supplies electricity to Tenaga Nasional Berhad (TNB) under a 25-year power purchase agreement (PPA) valid until August 2048.

Sunview said the acquisition aligns with its long-term strategy to expand beyond engineering, procurement, construction and commissioning (EPCC) services into recurring-income solar generation assets.

Upon completion, JSNT will become an indirect wholly owned subsidiary of Sunview, allowing the group to fully consolidate the solar plant’s operational earnings.

Financial Performance and Valuation

For the financial year 2024, JSNT recorded revenue of RM18.8 million and EBITDA of RM17.87 million, supported by stable energy output from the solar facility. An independent valuation by Asia Equity Research Sdn Bhd placed the fair value of JSNT’s equity between RM47.5 million and RM53.19 million, based on discounted cash flow analysis over the remaining PPA period.

Payment Structure and Funding

The RM15 million cash consideration will be paid in three tranches, including a 40% deposit already paid prior to signing, with final settlement scheduled on or before June 30, 2026. The shareholders’ advances will be settled in full upon completion.

Sunview said the acquisition will be financed through internally generated funds, bank borrowings and/or future fundraising exercises. As of September 30, 2025, the group held approximately RM55.1 million in cash and bank balances.

Regulatory Approvals and Timeline

The transaction is subject to approvals from Sunview shareholders, Tenaga Nasional Berhad, the Energy Commission, the Ministry of Energy Transition and Water Transformation, and the Sustainable Energy Development Authority (SEDA), among others.

Barring unforeseen delays, Sunview expects the acquisition to be completed in the second quarter of 2026.

Sunview’s board said the acquisition is expected to be earnings-accretive over the long term, providing stable recurring income without the need for significant new capital expenditure, while strengthening the group’s position in Malaysia’s renewable energy transition.