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Metronic, Earthtech form JV for solar power procurement plan

KUALA LUMPUR, July 2  -- Metronic Global Bhd (Metronic) has signed a memorandum of agreement (MoA) with Earthtech Energy Sdn Bhd to form a joint venture (JV) for a local solar power purchase project.

Under the agreement, the parties will jointly implement the solar power procurement plan, including the installation of solar power equipment, Metronic said in a statement today.

The engineering solutions provider added that it will be in charge of securing the funding needed for the said project and also assist with the project management, while Earthtech would provide the technological know-how.

“Our maiden project would have a power generation capacity of between 19 and 20 megawatts (MW) in a commercial building within the country.

“After that, we plan to install up to a total capacity of 100 MW over the next three years, and the total project cost will be around RM300 million,” said Metronic’s chief executive officer cum executive director, Hoo Wai Keong.

He added that revenue from the project is expected to hit RM45 million per annum, based on 25-year power purchase agreements with owners of commercial buildings -- translating to a total revenue of RM1.13 billion over the next 25 years.

Metronic will own a 70 per cent stake in the JV, while Earthtech will have a 30 per cent share.

-- BERNAMA

 

 

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