BM GreenTech Enters Utility-Scale Solar Segment with Acquisition of 29.99 MW CGPP Project SPV

BM GreenTech Berhad has expanded its renewable energy portfolio by acquiring 100% equity interest in NEFIN V Power Sdn Bhd (NVP), a special purpose vehicle (SPV) with the rights to develop a 29.99 MWac solar photovoltaic (PV) project under Malaysia’s Corporate Green Power Programme (CGPP).

The acquisition was completed through BM GreenTech’s wholly owned subsidiary, Plus Xnergy Holding Sdn Bhd, marking the group’s entry into the utility-scale renewable energy asset ownership segment and its first greenfield renewable energy investment.

The NVP solar power plant is expected to generate an average of 60,000 MWh of electricity annually and avoid more than 1.1 million tonnes of carbon emissions over its estimated 25-year operational life.

According to the company, the acquisition will diversify BM GreenTech’s renewable energy business by adding a recurring revenue stream to its existing engineering, procurement, construction and commissioning (EPCC) operations. The company said the project has already secured renewable energy supply agreements with corporate offtakers, including Fortune 500 companies from the semiconductor and food manufacturing sectors, with revenue generation expected to commence following the plant’s commissioning in 2027.

Chia Lik Khai, Group Managing Director of BM GreenTech, said the acquisition represents an important milestone in the company’s strategy to move up the renewable energy value chain by combining project execution capabilities with long-term ownership of utility-scale renewable energy assets.

The acquisition also strengthens BM GreenTech’s integrated clean energy portfolio and supports Plus Xnergy’s transition towards a generation, efficiency and storage (G.E.S.) business model. Earlier in 2026, Plus Xnergy commercialised a 20 MWh battery energy storage system (BESS) for a food manufacturing facility in Perak and is currently executing a 36 MWp solar PV and 45 MWh BESS project at KLIA Aeropolis.

The transaction will be financed through internally generated funds and executed under two separate share purchase agreements. Plus Xnergy will acquire 90% of NVP’s equity from NEFIN Energy (Malaysia) Sdn Bhd for RM3.24 million, while the remaining 10% stake will be purchased from NEFINCO (Malaysia) Sdn Bhd for RM360,000.

Following completion of the acquisition, Plus Xnergy will transition from serving solely as the EPC contractor for the project to becoming the long-term owner and operator of the utility-scale solar asset.

BM GreenTech said its Develop, Build, Own and Operate (DBOO) renewable energy portfolio comprised 15 assets with a combined capacity of 29 MWp during FY2026. With the addition of the NVP project, the group’s recurring income-generating renewable energy asset pipeline will expand to 74 MWp.

As of June 2026, Plus Xnergy’s nationwide portfolio includes more than 510 MWp of grid-connected solar projects, which have generated over 3,579 GWh of electricity, along with 100 MWh of completed and ongoing battery energy storage projects.