RENEWABLE energy (RE) will be the main feature of Capital Bhd’s (GCAP) revenue stream in 2022 as the company seeks to reduce reliance on its core transportation segment.
Yesterday (Jan 19), GCAP through its 70% owned subsidiary Solarcity Malaysia Sdn Bhd completed the installation and commenced operation of the 1.2MWp (megawatt peak) solar photovoltaic (PV) electric power generation system for Muda Pasifik Sdn Bhd in Senai, Johor in accordance with a 25-year power purchase agreement (PPA) inked by both parties.
First among many to come in 2022, this solar PV system is completed four months after Solarcity’s maiden 1.1MWp powered up in September 2021 for De-Luxe Food Services Sdn Bhd in Pulau Indah, Selangor.
Muda Pasifik is a wholly-owned subsidiary of Muda Holdings Bhd, a company listed on the Main Market of Bursa Malaysia. MUDA group of companies are principally involved in the paper milling and manufacturing business with a wide range of products, including mill, corrugated and packaging, paper bags, and paper-based stationery products.
“This project marks the successful delivery of our promise and fully demonstrated the resilience of GCAP in hurdling challenges faced, in particular disruptions of work scheduled from the movement control order (MCO),” commented GCAP’s executive director Tan Sri Dr. Ali Hamsa.
Aside from the contribution to the group’s earnings over the next 25 years, the operating plant shall enable the Muda Group to reduce its energy expenditure and carbon footprint which is in line with Malaysia’s renewable energy (RE) agenda to achieve 31% RE mix by 2025 under the country’s Renewable Energy Transition Roadmap (RETR) 2035.
At the close of yesterday’s trading, GCAP was down 1 sen or 1.9% to 51.5 sen with 80,200 shares traded, thus valuing the company at RM165 mil. – Jan 20, 2022
