G CAPITAL Bhd’s foray into the renewable energy segment which promises recurring and sustainable top-line is bearing fruits with its solar power projects envisaged to be a major contributor to the group’s future revenue and earnings.
Yesterday (Sept 19), GCAP’s 70%-owned subsidiary, Solarcity Malaysia Sdn Bhd completed the installation and commenced operation of a 507.28 kilowatt peak (KWp) solar photovoltaic (PV) electric power generation system for its supplemental power purchase agreement (PPA) with Muda Paper Mills Sdn Bhd inked on May 30.
The solar PV System was installed at Muda Paper Mills’ premises located at 391, Jalan Tasek, Kampung Jawi Sempit, 14120 Simpang Ampat, Penang.
“I’m pleased to witness the completion and commissioning of 507.28 kWp add-on to the 3,006.72 kWp that we installed and commission on Feb 16 for Muda Paper Mills,” commented GCAP’s executive director Datuk Yap Yee Ping.
“What’s more, this is very much like rejoicing the Malaysia Day 2022 celebration. With that, we have achieved year-to-date installed 16.1 Megawatt peak (mWp) solar PV system nationwide.”
Muda Paper Mills is a wholly-owned subsidiary of Muda Holdings Bhd, a company listed on the Main Board of Bursa Malaysia. Muda Paper Mills is principally involved in manufacturing and sale of paper and paper-related products.
The commencement of the plant will help to reduce the energy expenditure and carbon footprint of Muda Holdings in line with the National Renewable Energy (RE) agenda.
According to the filing with Bursa Malaysia, the plant will be contributing revenue and earnings to GCAP over a span of 25 years from Sept 15, 2022 which is the commercial operation date.
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 the close of today’s mid-day trading, GCAP which boasts a market capitalisation of RM154 mil has yet to be traded at 48 sen. – Sept 20, 2022
