RENEWABLE energy player G Capital Bhd (GCAP) is exploring a mutual collaboration with the investment arm of the Koperasi Polis Diraja Malaysia Bhd (KPDRM) to harness solar energy as a power source.
Yesterday, GCAP entered into a memorandum of understanding (MOU) with KOP MANTAP Bhd on a potential strategic collaboration with regard to the development of renewable energy project that focuses on solar energy.
The MOU was inked by GCAP’s project director Khairul Anuar Mohamad and KOP Mantap Bhd’s group CEO Datuk Muhammad Asri Haris in the presence of Deputy Inspector General of Police Datuk Seri Mazlan Lazim, Koperasi Polis Diraja Malaysia Bhd’s chairman Datuk Seri Ayub Yaakob and its deputy chairman Datuk Ramli Din.
A filing with Bursa Malaysia shows that the MOU entails the mutual intention of establishing a framework for collaboration in respect of business opportunities and potential business ventures, particularly in developing plots of land with high sun exposure for the purpose of constructing, developing and operating solar photovoltaic plants to house solar power systems to generate electricity and/or other projects to be identified by the parties.
KOP Mantap’s main role is to be responsible for leading and developing the proposed project while GCAP will be responsible for the expertise, knowledge and know-how to undertake and execute the proposed project.
Both parties will have the mutual responsibility to appoint contractor, sub-contractors, professional consultants or other relevant parties in connection with the project.
A wholly-owned subsidiary of KPDRM, KOP Mantap focuses on revenue growth and strengthening KPDRM’s corporate image and human capital.
“We’re excited with the potential strategic collaboration with KOP Mantap on the development of renewable energy focusing on solar power,” commented GCAP’s executive director Tan Sri Dr Ali Hamsa.
“As GCAP’s vision is to be one of the leading players in the renewable energy segment in Malaysia, we are confident that this collaboration is a strategic step forward for the group to achieve its goal.
“Further, this potential strategic collaboration will potentially grow our recurring income and aid the nation to reduce its carbon footprint.”
Currently, the GCAP group’s solar power business arm, Solarcity Malaysia Sdn Bhd, has already bagged a total of 16.6 megawatt (MW) power purchase agreement.
GCAP currently has two strong renewable energy assets on the plate – mini-hydropower plants through its stake in Perak Hydro Renewable Energy Corporation Sdn Bhd (PHREC) and solar energy projects through its recently completed acquisition of Solarcity Malaysia which will help the group to reduce its reliance on the transportation services sector.
At the close of yesterday’s (July 30) market trading, GCAP was up 2 sen or 2.94% to 70 sen with 1.16 million shares traded, thus valuing the company at RM224 mil. – July 31, 2021
