So­lar Man­age­ment se­cures RM247mil fi­nanc­ing for so­lar project

The Star Malaysia - StarBiz - - News - By IN­TAN FARHANA ZAINUL in­tan­zainul@thes­tar.com.my

KUALA LUMPUR: So­lar Man­age­ment (Serem­ban) Sdn Bhd has se­cured RM247mil in fi­nanc­ing for its first large-scale so­lar farm project in Malaysia.

“We are the sec­ond com­pany to se­cure fi­nanc­ing for the 50MW so­lar farm project in the coun­try,” said direc­tor Tee Cheng Hua at a press con­fer­ence yes­ter­day.

The com­pany has signed an agree­ment with Malaysia Build­ing So­ci­ety Bhd (MBSB) for the project fi­nanc­ing of the so­lar farm.

The 50MW so­lar plant would cost about RM285mil, of which MBSB will pro­vide fund­ing of up to RM247mil with the re­main­ing be­ing in­ter­nally gen­er­ated by So­lar Man­age­ment.

So­lar Man­age­ment was one of the seven suc­cess­ful bid­ders cho­sen by the En­ergy Com­mis­sion for the large-scale so­lar farm project.

Tee said the project would be lo­cated in Rem­bau, Ne­gri Sem­bi­lan, span­ning over 200 acres.

“The project is ex­pected to be com­pleted by Novem­ber next year,” he said.

The so­lar farm has se­cured a 21-year so­lar power pur­chase agree­ment with Te­naga Na­sional Bhd.

MBSB pres­i­dent and chief ex­ec­u­tive Datuk Seri Ah­mad Zaini Oth­man said fund­ing for the plant marked MBSB’s maiden ven­ture into so­lar power project fi­nanc­ing.

“This is the first so­lar power project that we will fi­nance. This project is set to be­come one of the largest so­lar projects in Malaysia and we are hon­oured to be part of it,” Ah­mad Zaini said.

Mat­tan En­gi­neer­ing Sdn Bhd has been ap­pointed as the turnkey en­gi­neer­ing, pro­cure­ment, con­struc­tion and com­mis­sion­ing con­trac­tor for the 50MW so­lar farm project.

Mat­tan will be work­ing with China Ma­chin­ery En­gi­neer­ing Corp (CMEC) to sup­ply ma­te­rial and equip­ment for the so­lar farm.

“We are glad to have CMEC, which is part of China’s For­tune Global 500 com­pany China Na­tional Ma­chin­ery In­dus­try Corp, on board,” said Mat­tan ex­ec­u­tive chair­man Levin Tan.

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