G CAPITAL Bhd (GCAP) has further strengthened his foothold in the renewable energy (RE) sector with its latest project involving a subsidiary of Bursa Malaysia’s Main Board-listed Chin Well Holdings Bhd.
Yesterday (Nov 16), GCAP’s 70%-owned subsidiary, Solarcity Malaysia Sdn Bhd, said it has completed the installation and commenced operation of a 2,380.32-kilowatt peak (kWp) solar photovoltaic (PV) electric power generation system as part of a 25-year power purchase agreement (PPA) dated May 9 this year with Chin Well Fasteners Co Sdn Bhd.
The solar PV system was installed at the premise of Chin Well Fasteners – a wholly owned subsidiary of Chin Well Holdings – in Bukit Mertajam, Penang. The Chin Well group of companies are principally involved in the manufacturing business of a wide range of fastening products and wire products.
The commencement of the solar PV plant will enable the Chin Well group to reduce its energy expenditure and carbon footprint in line with the National Renewable Energy agenda.
“I am pleased with the completion and commissioning of this 2,380.32KWp solar PV system as we are now energising 17.41MWp (megawatt peak) solar PV System thus far this year,” commented GCAP’s executive director Datuk Yap Yee Ping.
“At the same time, we are currently monetising 18.51MWp solar PV system which is in operations for an estimated yearly revenue of RM5.88 mil.”
Moving forward, Yap also expressed optimism on GCAP’s RE business outlook ahead of Malaysia’s 15th General Election (GE15) on Nov 19.
Currently, GCAP has two strong RE assets on its plate – a mini-hydropower plant through Perak Hydro Renewable Energy Corporation Sdn Bhd (PHREC) and solar power projects through Solarcity Malaysia which are both poised to reduce the group’s reliance on its transportation services business segment.
At 10.22am, GCAP was down 1.5 sen or 2.8% to 52 sen with 101,800 shares traded, thus valuing the company at RM167 mil. – Nov 17, 2022
