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KPower, Advancecon's subsidiaries signs solar photovoltaic PPAs with TNB

KUALA LUMPUR, Aug 20 -- KPower Bhd (KPower) and Advancecon Holdings Bhd’s subsidiaries have signed large-scale solar photovoltaic power purchase agreements (PPAs) with Tenaga Nasional Bhd (TNB).

In a filing with Bursa Malaysia, KPower said its 95 per cent-owned subsidiary, PKNP KPower Suria Sdn Bhd (PKSSB), would be designing, constructing, owning, operating and maintaining a solar photovoltaic energy generating facility in Pekan, Pahang with a capacity of 50 megawatts alternating currents (MWac) under the fourth round of large-scale solar programme initiated by the Energy Commission.

“The agreement governs the obligations of PKSSB and TNB to sell and purchase the energy generated by the facility to TNB for a period of 21 years from the commercial operation date in accordance with the agreed terms and conditions,” it said.

It said the agreement is not expected to have any immediate material effect on the earnings, net assets, share capital and substantial shareholders’ shareholdings of the company but would have a positive impact on the future earnings of KPower.

In a separate filing, Advancecon said its indirect wholly-owned subsidiary, LSS TPG Sdn Bhd (LSS), would be designing, constructing, owning, operating and maintaining a solar photovoltaic energy generating facility with a capacity of 26 MWac in Kuala Langat, Selangor for connection to TNB’s medium voltage distribution network at Teluk Panglima Garang. 

“The net energy output which generated by the facility and will deliver to TNB for a period of 21 years from the commercial operation date in accordance with the agreed terms and conditions as stipulated in the agreement,” it said.

It said the agreement is not expected to have any material impact on the earnings and net assets of the company for the financial year ending Dec 31, 2021.

It added that the facility is expected to commence commercial operation on Nov 30, 2023 and would contribute positively to the future earnings of Advancecon.

-- BERNAMA

 

 

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