G CAPITAL Bhd is gradually bumping up a recurring and sustainable top-line as well as cash flow which will serve as a launching pad to fuel the group’s future growth by leveraging the bright prospect of its renewable energy business.
Yesterday (Aug 23), GCAP said its 70%-owned subsidiary, Solarcity Malaysia Sdn Bhd completed the installation and commenced operation of a 309.28 kilowatt peak (KWp) solar photovoltaic (PV) electric power generation system for the supplemental power purchase agreement (PPA) with Muda Paper Converting Sdn Bhd inked on May 30.
The solar PV System was installed at the premises located in Simpang Ampat, Penang.
“I’m pleased to witness the completion and commissioning of 309.28KWp add-on to Muda Paper Converting. All these small yet crucial delivery of promises will help Malaysia to achieve the target set in its Renewable Energy Transition Roadmap 2035,” commented GCAP’s executive director Datuk Yap Yee Ping.
Muda Paper Converting is a wholly-owned subsidiary of Muda Holdings Bhd, a Bursa Malaysia-listed company which is principally involved in manufacturing and sale of paper stationaries and paper-based food packaging products.
According to the filing with Bursa Malaysia, the plant will be contributing revenue and earnings to GCAP over a span of 25 years from August 19, 2022 which is the commencement of commercial operation date.
“With completion of our latest 309.28KWp solar PV system in Simpang Ampat, this brings our total installed solar PV system capacity to 15.6MWp (megawatt peak) inception-to-date,” added Yap.
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 yesterday’s (July 1) trading, GCAP was unchanged at 47 sen with 87,000 shares traded, thus valuing the company at RM151 mil. – Aug 24, 2022
