CLASSIC Scenic Bhd, one of Malaysia’s largest wooden picture frame mouldings manufacturer and exporter, has appointed solar photovoltaic (PV) and earthing and lightning protection (ELP) specialist Pekat Group Bhd as its solar PV system partner.
To formalise the partnership, Pekat Group’s wholly owned subsidiary Pekat Solar Sdn Bhd (PSSB) has accepted a letter of award yesterday (Dec 21) for an engineering, procurement, construction and commissioning (EPCC) contract worth RM3.1 mil from Finesse Moulding (M) Sdn Bhd, a wholly-owned subsidiary of Classic Scenic.
Under the contract, PSSB will undertake the design, supply, installation, testing and commissioning of 1,053 kilowatt-peak (kWp) self-consumption (SELCO) grid connected PV system using Net Energy Metering 3.0 (NEM) at Finesse Moulding’s four factory buildings in Rawang, Selangor.
With the price of solar PV declining significantly over the years, Classic Scenic’s managing director Samuel Lim Chee Beng said this would enable the group to achieve a shorter investment payback of circa 3.4 years.
Moreover, the partnership is a meaningful milestone in the group’s commitment towards its environmental, social and governance (ESG) initiatives.
“In view of the surging customer orders amid the accelerating market demand for home décor products, the installation of the solar PV system is timely as it provides a viable solution to the group to better manage the increasing energy cost and carbon intensity of electricity,” he justified.
“Classic Scenic recognises the importance of long-term sustainability and looks forward to using renewable energy solutions which are in line with the government’s efforts for a more sustainable and green future.”
Meanwhile, Pekat Group’s executive director Wee Chek Aik said NEM is one of the options for a company to generate electricity from its own solar PV system while off-setting or reducing their electricity bills.
“This system is designed to provide the company credit for any excess of solar energy it generates. It is then used to offset the next electricity bill,” he explained.
“With the installation of 1,053 kWp SELCO grid connected PV system, Finesse Moulding’s factories are expected to produce approximately 1.3 gigawatt hours of clean, renewable solar energy per year which is sufficient to power 258 Malaysian homes for an entire year.”
Works on the installation of the grid connected PV system is expected to commence in January 2022 with installation work scheduled for completion in July 2022. The project is expected to contribute positively to the net assets and earnings per share of Pekat Group.
At the close of yesterday’s (Dec 21) trading, Pekat Group was unchanged at 68 sen with 26,600 shaees traded, thus valuing the company at RM439 mil. – Dec 22, 2021
