G CAPITAL Bhd’s (GCAP) foothold in the renewable energy (RE) sector is picking up pace with two subsidiaries of property-based KSK Group signing up for its solar photovoltaic (PV) system offering.
Yesterday (March 2), GCAP’s 70%-owned subsidiary Solarcity Malaysia Sdn Bhd received letters of award (LOA) from KSK KD Property Sdn Bhd and KCJ Properties Sdn Bhd for Solarcity to design, construct, install, own, operate and maintain solar PV systems with a direct current capacity of 181kWp (kilowatts peak) and 90kWp respectively on their premises.
“These awards from KSK Group – yet another renowned client – continues to fuel our excitement for the future as we witness our second and third solar PV system power-up in January and February this year,” commented GCAP’s executive director Tan Sri Dr Ali Hamsa.
Earlier, GCAP has powered up a 1.1MWp (megawatt peak) solar PV system in Selangor (September 2021) followed by a 1.2MWp system in Johor (January 2022) and 3.0MWp system in Penang (February 2022), hence expanding its RE footprints from the northern region to the southern region of the entire Peninsular of Malaysia.
Both KSK KD Property and KCJ Properties are subsidiaries of KSK Group, an investment holding company. Their principal activities centre around property development, real estate, general insurance, and information technology and software developments.
The solar PV systems for KSK KD Property will be located at 14, Taman Sains Selangor 1, Jln Teknologi Sek 3 in Kota Damansara, Selangor while that of KCJ Properties will be housed Bangunan KSK, 32, Jalan Yap Ah Shak in Kuala Lumpur.
“We are here to help all businesses – not just manufacturers – to derive electrical savings via solar PV generation,” Ali pointed out. “Installation of solar PV System at the rooftop of the 10-storey building of KCJ Properties will be our first among many to come for high rise buildings.
“I do agree that Solar PV installation at a 10-storey high rise building may possess higher construction risks compared to low rise buildings; nonetheless, we shall be able to manage it well with strict safety measures.”
Following the execution of the LOA, Solarcity will enter into a 25-year power purchase agreement (PPA) with both KSK KD Property and KCJ Properties.
Ali expects the solar PPA to contribute positively to the future earnings of GCAP while reducing KSK Group’s energy expenditure and carbon footprint.
“With our strong track record, GCAP is confident of gaining more confidence from corporates and helping businesses to begin their transition into RE sources while enjoying the benefit of discounts on their electricity bills,” added Ali.
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 (March 2) trading, GCAP was down 1 sen or 2.04% to 48 sen with 453,200 shares traded, thus valuing the company at RM154 mil. – March 3, 2022
