- GCAP’s 70%-owned subsidiary, Solarcity will design, construct, install, own, operate, and maintain 5,500 KWp Solar PV System at the premise of Federal Packages in Simpang Ampat, Pulau Pinang
- The Solar PV System, upon commissioning by 1Q2023, is expected to contribute positively to GCAP Group throughout the 25-year Solar PPA
KUALA LUMPUR, 28th JULY 2022 – G Capital Berhad (KLSE:7676) (“GCAP” or “”Company“) 70%-owned subsidiary, Solarcity Malaysia Sdn Bhd (“Solarcity”) has entered into a Solar Power Purchase Agreements (“PPA”) with Federal Packages Sdn Bhd (“FP”) on 27 July 2022.
Under the PPA, Solarcity will design, construct, install, own, operate and maintain a solar photovoltaic energy generating system (“Solar PV System”) with a capacity of 5,500 KWp at the premises of FP located in Simpang Ampat, Pulau Pinang (“the Plant”).
FP is a wholly-owned subsidiary of Muda Holdings Berhad (“Muda”), which is listed on the Main Market of Bursa Securities Malaysia Berhad (“Bursa Securities”) with the group of companies involved in paper milling and manufacturing business with a wide range of products, including mill, corrugated and packaging, paper bags and paper-based stationery products.
GCAP’s Executive Director, Datuk Yap Yee Ping, said: “We are pleased with another vote of confidence from Muda, evidencing our long-term RE partnership. We welcome this additional 5.5MWp award after we commissioned the 7.2MWp Solar PV System to subsidiaries of Muda Holdings in 1Q2022.
Since early 2022, the Group has successfully powered up four (4) Solar PV systems, aggregating 14.2MWp Solar PV projects. To date, the Group currently has a total of 15.3 MW solar-powered plants running via long-term PPA with clients.
We believe our commitment and successful track record are testimonial strong enough call to action for others to join us in the RE journey and embrace green energy.” Datuk Yap said.
According to the filing with Bursa Securities, the Plant is expected to achieve a commercial operation date by the 1Q2023 and shall contribute positively to the future earnings of GCAP thereafter.
Datuk Yap remains optimistic about the growth of the solar division of GCAP Group, when there is still immense scaling potential to help business owners spanning the commercial and industrial sector to leverage green energy. GCAP Group offers electricity cost savings while embracing environmental, social, and corporate governance (“ESG”).
“There is still an abundance of growth opportunities with solar energy. Everyone should consider maximising the potential of their roof, vacant lands and ponds to harness green energy. We are here to help.” she added.