News

FIHB partners with China's top five power generator

KUALA LUMPUR, Sept 24 -- Federal International Holdings Bhd (FIHB) is venturing into the renewable energy (RE) sector via a proposed collaboration with one of China’s top five power generators, State Power Investment Corporation Ltd (SPIC).

The furniture maker and construction player said its 50 per cent-owned company, Warrants RE Assets Sdn Bhd (WREA), today signed a memorandum of understanding (MoU) with SPIC’s wholly-owned subsidiary SPIC Energy Malaysia Bhd (SPICM) for both parties to acquire in part or in whole operating feed-in tariff, net metering and large scale solar farm.

Under the collaboration, WREA would be responsible for the funding while SPICM would provide technical support concerning the solar power plant and other RE projects in Malaysia, it said.

FIHB executive director Datuk Choy Wai Ceong said this collaboration marked its first venture into the RE segment and would help the company to escalate the expansion of its footprint in the new segment.

“The collaboration will focus on the acquisition of a solar farm, which would then undergo a process of repair and upgrade under a team led by SPIC.

“This will help the escalation of the turnaround of the solar farm that has been acquired and help to generate immediate positive cash flow,” he said.

-- BERNAMA

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