G CAPITAL Bhd (GCAP) has completed by far its biggest solar power facility since the company diversified away from its core business of transportation to include energy solutions by prioritising the renewable energy (RE) segment.
Yesterday, the company through its 70% owned subsidiary Solarcity Malaysia Sdn Bhd completed both the installation and commencing the operation of a 3.0MWp (megawatt peak) solar photovoltaic (PV) electric power generation system for Muda Paper Mills Sdn Bhd in Simpang Ampat, Penang.
The project which is in line with a 25-year power purchase agreement (PPA) will be generating sustainable recurring income and cash flows to the GCAP group.
Muda Paper Mills is a wholly-owned subsidiary of Main Market-listed Muda Holdings Bhd. The Muda group is principally involved in paper milling and manufacturing business with a wide range of products, including mill, corrugated and packaging, paper bags and paper-based stationery products.
“I am fired up with the 2022 prospects with the initiation of energy generation to our third Solar PV System, especially since we had our second power-up not long ago,” commented GCAP’s executive director Tan Sri Dr Ali Hamsa.
“With this 3.0MWp Solar PV System in Penang, we are now marking our successful RE footprints from the northern region to the southern region of the entire peninsula of Malaysia.”
To recap, this is the third Solar PV System energised by GCAP since the company ventured into the solar energy sector in February 2021.
Its maiden solar PV system was powered up in September 2021 for De-Luxe Food Services Sdn Bhd (1.1MWp) in the central region (Selangor) while the second was in January 2022 for Muda Pasifik Sdn Bhd (1.2MWp) in the southern region (Johor).
“We are building up momentum to deliver promises we made earlier. Flashback to the hurdles we encountered since the outbreak of COVID-19 pandemic, I am pleased that we remained resilient and adapted to the new norm in many of our business undertakings,” noted Ali.
To re-cap, GCAP group is pivoting on the RE success stories – in particular solar and hydro – by scaling up this business division.
“Leveraging on power purchase arrangements, we have been helping business owners and corporates to begin transit into RE sources and enjoy saving on their electricity bills. I have faith that the GCAP group is here to well-serve and grow RE believers; we are definitely one more step closer to our national goal of decarbonisation,” added Ali.
At the close of yesterday’s (Feb 16) trading, GCAP was up 0.5 sen or 0.99% to 51 sen with 58,800 shares traded, thus valuing the company at RM164 mil. – Feb 17, 2022
