IN line with its vision to be a leading renewable energy player in Malaysia, G Capital Bhd (GCAP) is spreading its wings to East Malaysia, eyeing an opportunity to make its maiden presence in Sabah.
The group, which is principally involved in the transportation services, mini-hydropower activities and solar photovoltaic (PV) energy generating systems, inked a memorandum of understanding (MOU) with Smart Sabah Corporation Sdn Bhd to establish a framework for collaboration in respect of business opportunities and potential business ventures.
A Bursa Malaysia filing yesterday (Aug 13) shows that the MOU entails mutual intention to explore collaboration on a 3,500 megawatt (MW) green technology project referred to as the Sabah Green Energy Plant in the East Coast of the state. The project is expected to be awarded to Smart Sabah by the Sabah state government.
Led by chairman Datuk Seri Bung Mokhtar Radin, SMART Sabah (previously Sabah Multimedia-Info Tech Centre Sdn Bhd) is a Sabah state-owned company in the business of providing information, communication and technology services as well as related management and security consultant services.
According to Bung Mokhtar, this collaboration signifies one among many other milestones to achieve towards materialising SMART Sabah’s vision for Sabah to become Malaysia’s first green state.
Meanwhile, GCAP’s executive director Tan Sri Dr Ali Hamsa said the company is optimistic that the collaboration will lead to a fruitful journey for its stakeholders.
“We have set a right pivot in our recent diversification into energy solution providing business by landing ourselves into the start of many energy solutions, benefiting the public at large,” he pointed out.
GCAP currently has two strong renewable energy assets on the plate – mini-hydropower plants through its stake in Perak Hydro Renewable Energy Corporation Sdn Bhd (PHREC) and solar energy projects through its recently completed acquisition of Solarcity Malaysia Sdn Bhd, which will help the group to reduce its reliance on the transportation services sector.
Currently, its solar power business arm, Solarcity Malaysia, has already bagged a total of 16.6MW of power purchase agreement.
At the close of yesterday’s trading, GCAP was up 1 sen or 1.48% to 68.5 sen with 224,900 shares traded, thus valuing the company at RM220 mil. – Aug 14, 2021
