MAIN Market-listed G Capital Bhd (GCAP) through its 70%-owned subsidiary Solarcity Malaysia Sdn Bhd has successfully installed and commenced the operation of a 4,500 KWp (kilowatt peak) solar photovoltaic power generation system for a client in mainland Penang.
The project undertaken for Federal Packages Sdn Bhd, a wholly owned subsidiary of Main Market-listed Muda Holdings Bhd in Simpang Ampat, comes under a 25-year power purchase agreement (PPA).
The Muda Group is 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.
With the latest solar PV system, Solarcity has sealed 12.53 MWp (megawatt peak) of PPA with the Muda Group, hence supporting the latter’s efforts to reduce its carbon footprints that are aligned with Malaysia’s renewable energy (RE) roadmap.
Expressing her excitement, GCAP’s executive director Datuk Yap Yee Ping recalled how just two years ago, Muda was its very first client “who vested trust in us to harness solar energy to make the world a whole better place together”.
“Muda’s embracing of RE is setting an example towards reducing carbon footprint,” she commented after personally inspecting the completed solar PV system installation for Federal Packages (main pic).
“Today, we proudly witness the successful completion and operation of our 4,500 KWp solar PV system, marking a double-digit PPA power-up milestone and a fruitful relationship with the Muda Group. Muda’s alignment with our commitment and its satisfaction with our expertise has driven us to strive for excellence.”
With its latest project, GCAP is now harnessing solar energy and earning sustainable revenue from 23.01MWp PPA which is expected to generate RM7 mil in annual revenue under optimum performance and irradiance.
“Our journey in delivering RE solutions will continue with the GCAP Group remaining committed to empowering businesses to transition towards a greener and more eco-conscious path, thus paving the way for a greener tomorrow for all,” added Yap.
At the close of today’s trading, GCAP was up 0.5 sen or 1.18% to 43 sen with 98,800 shares traded, thus valuing the company at RM139 mil. – May 15, 2023
