Meta Bright enters into solar supply agreement to power hospitality operations of Cherengin Hills

IN its continued pursuit of sustainable and green energy solutions, Meta Bright Group Bhd (formerly Eastland Equity Bhd) has inked a solar supply agreement with Cherengin Hills Sdn Bhd in a strategic move to bolster sustainable practices within the hospitality industry while also advancing Malaysia’s national energy goals.

The agreement inked by the property and hospitality-centric group’s wholly owned subsidiary FBO Land (Serendah) Sdn Bhd and Doople Tech Sdn Bhd will see the former being tasked to install, maintain and operate the solar photovoltaic (PV) system at properties belonging to Cherengin Hills in Pahang.

A filing with Bursa Malaysia today shows that the solar PV system will provide all net electricity output for 21 years beginning from the operational start date.

Cherengin Hills which is principally involved in the business of running hotels, motels and holiday camps will benefit from reduced energy costs and a lower carbon footprint while FBO Land will capitalise on the carbon credits generated by the system.

This agreement follows Meta Bright’s recent collaboration with Doople Tech in a renewable energy (RE) venture. Leveraging the synergy between Meta Bright’s investment capabilities and Doople Tech’s operational expertise, the former is excited to explore specialised opportunities within the hospitality sector’s solar energy initiatives.

Derek Phang Kiew Lim

This marks Meta Bright’s maiden foray into hospitality-focused solar solutions with plans to expand further in this area.

As it is, the hospitality industry is currently experiencing a robust recovery post-pandemic driven by increasing travel demand and a renewed focus on sustainable operations, thus making this an opportune moment to introduce RE solutions in this sector.

“Cherengin Hills is taking a commendable step towards sustainability and we are proud to facilitate this transition. By harnessing solar energy, we contribute to the environment and showcase the economic viability of green initiatives in the hospitality sector,” commented Meta Bright’s executive director (corporate and strategic planning) Derek Phang Kiew Lim.

“Meta Bright’s venture into RE signals a broader strategy of responsible corporate stewardship while reflecting the group’s foresight in aligning business operations with global sustainability trends.”

To-date, Meta Bright shared that the total value of its projects that have completed installation stands at about RM3.55 mill while projects that are currently in progress are valued at around RM11.89 mil.

At the close of today’s trading, Meta Bright was unchanged at 15.5 sen with 671,100 shares traded, thus valuing the company RM388 mil. – April 23, 2024

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