BURSA Malaysia Main Market-listed G Capital Bhd (GCAP), now a leading renewable energy (RE) development outfit in Malaysia, is increasingly setting its sight on the provision of energy solutions by focusing on mini-hydropower and solar photovoltaic (PV) energy generating system.
Towards this end, the group via its wholly owned subsidiary Northern Star Hydropower Sdn Bhd has inked a memorandum of understanding (MOU) with CCIAM Logistic Company Ltd, a subsidiary of the Hong Kong Stock Exchange (HKEX) Main Board-listed CCIAM Future Energy Ltd to set the framework for developing clean energy solutions.
CCIAM Future is principally engaged in the provision of energy-saving solutions, including heating, ventilation and air conditioning (HVAC) systems for commercial, retail and industrial buildings as well as the provision of financial investment and loan financing businesses.
A full-termed agreement is expected within 60 days of the MOU. Under this agreement, CCIAM Logistic will act as the principal arranger for NS Hydropower to raise RM325 mil (about US$65 mil) for its 26 MWac (megawatt alternating current) small hydropower projects development in Pahang.
This collaboration extends beyond financing, encompassing the provision of comprehensive services to include the implementation of robust ESG (environmental social governance) strategies.
In expressing optimism about the partnership, GCAP’s executive chairman General (Retired) Tan Sri Affendi Buang foresees the said project as unlocking a gateway to an abundant global green capital eager to invest in GCAP’s small hydropower portfolio.
“CCIAM Future Energy aligns perfectly with our vision for a sustainable future. Their expertise and presence at HKEX bridge the gap between China and international markets. This partnership, Insya-Allah, will deliver significant benefits for all,” he commented.
“This strategic partnership is poised to accelerate Malaysia’s transition to clean energy by attracting foreign direct investment (FDI), fuelling economic growth and propelling the nation towards carbon neutrality.”
At the close of today’s trading, GCAP was up 0.5 sen or 1.35% to 37.5 sen with 85,400 shares traded, thus valuing the company at RM122 mil. – April 15, 2024
