PROPERTY-BASED Meta Bright Group Bhd (formerly Eastland Equity Bhd) has successfully rolled out a solar project under the Solar PV Zero Capex Programme for Sinergi Perdana Sdn Bhd (SPSB), a company owned by the Rubber Industry Smallholders Development Authority (RISDA) under the Rural and Regional Development Ministry.
The solar project which is developed by Meta Bright’s wholly owned subsidiary FBO Land (Setapak) Sdn Bhd has a capacity of up to 401.76 kWp.
Part of a 21-year renewable energy (RE) supply agreement, this initiative offers Sinergi Perdana a 20% discount to the prevailing Tenaga Nasional Bhd (TNB) tariff rates equipped with the Imbalance Cost Pass-Through (ICPT).
The project is estimated to mitigate approximately 380.81 tonnes of CO2 (carbon dioxide) emissions annually, thus contributing significantly to environmental sustainability by reducing carbon footprints, combating climate change and promoting cleaner energy alternatives.
In addition to the successful installation of the Sinergi Perdana project, Meta Bright is actively pursuing new opportunities in the RE sector. The company is currently exploring projects in the commercial & industry (C&I) segment worth approximately RM34.7 mil.
To-date, the total value of projects that have completed installation stands at about RM3.55 mil. Additionally, Meta Bright has projects currently in progress valued at around RM11.89 mil.
The commercial operation of this project is expected to provide Meta Bright with sustainable earnings income while contributing positively to the group’s long-term financial stability.
Furthermore, the project is projected to mitigate a significant amount of CO2 emissions, hence reinforcing the group’s dedication to clean energy and a greener, sustainable future.
“The successful completion of installation for the solar project with Sinergi Perdana marks a significant milestone in our journey towards sustainability,” commented Meta Bright executive director (corporate & strategic planning) Derek Phang Kiew Lim.
“This project not only exemplifies our commitment to RE but also aligns with the Malaysian government’s initiatives to promote clean energy solutions. We are excited about the positive impact this project will have on our earnings and the environment.”
On the longer term, Meta Bright is optimistic about expanding its participation in the Solar PV Zero Capex Programme with other Malaysian enterprises, thus demonstrating its capability to contribute to sound environmental, social, and governance (ESG) practices.
At the close of today’s trading, Meta Bright was down 0.5 sen or 3.23% to 15 sen with 2.6 million shares traded, thus valuing the company at RM376 mil. – March 22, 2024
