MAIN Market listed G Capital Bhd, a leading force in renewable energy (RE) revolution, has today (July 2) flipped the switch to a brighter future for Chin Herr Industries (M) Sdn Bhd, a wholly owned subsidiary of fellow Main Martket-listed Chin Well Holdings Bhd.
Chin Well group of companies is a key player in the manufacturing and sale of a wide range of fastening and wire products.
The successful completion of the 2,000kWp (kilowatt peak) solar photovoltaic (PV) system at Chin Herr’s facilities in Bukit Mertajam, mainland Penang marks a significant milestone for GCAP’s 70%-owned subsidiary Solarcity Malaysia Sdn Bhd.
To-date, Solarcity has completed and commissioned a total of 25MWp (Megawatt peak) of Solar PV Systems through power purchase agreements (PPA) for its clients.
The initial PPA signed on May 9, 2022 was re-sized via a supplemental PPA dated Jan 26, 2024 which involved the installation of the solar PV System at Chin Herr’s premises located in Bukit Mertajam.
The PPA will provide a reliable and cost-effective clean energy source for Chin Herr for the next 25 years from July 2, 2024 which is deemed the commercial operation date.
With this completion, Solarcity has fulfilled a total of 4.38MWp PPA for the Chin Well Group, including a 2.38MWp solar PV System powered up on Nov 15, 2022 for another subsidiary company of Chin Well.
“I am delighted to see more commercial and industrial players embracing solar PV systems,” commented GCAP’s executive chairman General (Rtd) Tan Sri Affendi Buang.
“This will empower businesses to reduce costs through electricity bill savings and support their sustainability agendas as well as environmental, social and governance (ESG) initiatives.”
Moreover, this successful collaboration underscores a crucial step towards achieving the ambitious goals of Malaysia’s Renewable Energy Transition Roadmap (RETR) 2035, a roadmap GCAP group actively supports, according to Affendi.
“This win-win project empowers Chin Well to significantly reduce electricity cost and bolstered ESG credential while solidifying GCAP’s position as renewable energy leader and secure recurring revenue for the next quarter-century,” he added.
At the close of today’s trading, GCAP was unchanged at 36 sen with 110,000 shares traded, thus valuing the company at RM118 mil. – July 2, 2024
