News

GCAP's unit commences operation of solar PV system for Muda Paper Converting PPA

KUALA LUMPUR, March 29 (Bernama) -- G Capital Bhd’s unit, Solarcity Malaysia Sdn Bhd (Solarcity), has completed the installation and commenced operation of a 3-megawatt peak (MWp) solar photovoltaic electric power generation system (solar PV system) for the power purchase agreement (PPA) with Muda Paper Converting Sdn Bhd.

Solarcity is a 70 per cent-owned subsidiary of G Capital.

It said the solar PV system was installed on premises located at Simpang Ampat, Penang, pursuant to the PPA on Jan 20, 2021.

“Both Solarcity and Muda Paper Converting have accepted that March 26, 2022 to be the commercial operation date for the plant,” it said in a filing with Bursa Malaysia.

It said the plant would be contributing revenue and earnings to the group over a span of 25 years from the commercial operation date, in accordance with the agreed terms in the PPA.

It added that the PPA, however, is not expected to have any material impact on the earnings and net assets of the company for the financial year ending Dec 31, 2022.

-- BERNAMA

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