Solarvest inks 50-MW solar PPA with Malaysia's TNB
- Malaysian photovoltaic (PV) plants contractor Solarvest Holdings Bhd (KLSE: SLVEST) has struck a power purchase agreement (PPA) with Tenaga Nasional Berhad (KLSE: TENAGA) for 50 MW of solar park projects in your home.
The agreement is linked to three projects, every one of which are champions in Round Four of Malaysia's Large Scale Solar (LSS) programme, Solarvest claimed on Thursday. It will certainly enable it to offer their output to the Malaysian energy for 21 years.
Two of the photovoltaic or pv (PV) parks will certainly be mounted in Manjung, in the state of Perak on the western coastline of Malaysia. They will have capacities of 25 MW and 12 MW, specifically. One more plant of 13 MW is set to be integrated in Kuala Selangor, in the state of Selangor.
Solarvest will money the building of the solar parks with funds elevated from corporate exercise and outside borrowings. Its strategy is to protect the needed permits by end-2021 and launch building and construction activities early in 2022. The solar plants result from go real-time between 2022 and 2023.
"Upon the start of operations, the favorable contribution from these solar plants will certainly expand our recurring revenues stream from fiscal year end 2023 onwards, matching our project-based business model," stated Davis Chong Chun Shiong, Chief Executive Officer of Solarvest.