KEJURUTERAAN Asastera Bhd, an electrical and mechanical engineering services provider, has recently spread its wing to Thailand as part of its business expansion into the green energy solutions.
Its indirect subsidiary Energy Optimization (Thailand) Co Ltd has recently secured four new projects with a combined installed capacity of 3,912-kilowatt peak solar photovoltaic (PV) systems under the build-own-operate-transfer (BOOT) model.
The combined capital expenditure of the projects is in excess of RM11.4 mil. The development of the respective project’s solar PV system is scheduled for completion within a year from the signing of the power purchase agreement (PPA).
“Our successful penetration into the Thailand market is a testament of our strategic executions as we continue to grow the green energy solutions segment aggressively,” commented KAB’s managing director Datuk Lai Keng Onn.
“We are in the midst of finalising a few more projects in Malaysia and Thailand with a combined capacity of 10,206-kilowatt peak.”
Barring any unforeseen circumstances, KAB is confident in securing the projects within the next month or so, according to Lai.
“Not only are we strengthening our position in this green energy solutions business by providing clean and cost-effective energy solutions, we are continuing our efforts in strengthening our position in the Asian region,” he noted.
To recap, KAB’s maiden project in Thailand was to provide chiller optimisation systems for 11 Robinsons malls across Thailand prior to extending its capabilities to provide solar PV systems.
“Moving forward, we are tendering for a total installed capacity of approximately 62,703-kilowatt peak of solar PV systems in Malaysia, Thailand and Vietnam which will augment our position in the Asian region,” he added.
KAB’s maiden solar project kicked off in February this year through the subscription for an 80% equity interests in Mayang Hijau Sdn Bhd by its wholly owned subsidiary KAB Smart Solar Energy Sdn Bhd. Mayang Hijsu builds, owns and operates solar PV systems.
Prior to this, Mayang Hijau has in December 2020 executed a 25-year PPA with a Malaysian defence company in aerospace that specialises in the manufacturing of aircraft and its parts.
The subscription of the equity interests in Mayang Hijau is to invest and execute the project with a total installed capacity of 1,580-kilowatt peak solar PV system.
Following the subscription exercise, KAB has bagged two outright purchase contracts in succession with KIPMall Desa Coalfields and KAMI Food Services Sdn Bhd for a 551-kilowatt peak and 520-kilowatt peak solar PV system respectively.
With the award of these local and Thailand projects, the Company now has a total of 5,492-kilowatt peak installed capacity of solar PV systems that will generate sustainable recurring income for up to 25 years.
In line with KAB’s strategic business direction to focus on energy efficiency and clean energy solutions, the company is optimistic of its growth trajectory from the green energy solutions as it is gaining positive momentum.
KAB has seen its green energy solutions business segment experiencing remarkable growth since its expansion back in 2018, particularly the renewable solar energy solutions. – June 9, 2021