Major Renewable Energy Project Expected to Bolster Malaysia’s Clean Energy Goals
KUALA LUMPUR, 6 JANUARY 2025 – AIZO Group Berhad ("AIZO" or the "Company"), formerly known as Minetech Resources Berhad, is pleased to announce that Wawasan Demi Sdn. Bhd. ("WDSB"), a 63% owned subsidiary of Coral Energy Sdn. Bhd. (“CESB”), which in turn is a wholly-owned subsidiary of AIZO, has been awarded a Letter of Notification ("LON") from the Energy Commission ("EC") on 23 December 2024 for the development of a Large Scale Solar Photovoltaic (“LSS”) Plant in Kampar, Perak, subjected to WDSB satisfying certain obligations, compliance, including submission and execution of the LSS project documents to confirm the acceptance.
The plant is expected to have an export capacity of 99.99 Megawatt (“MW”) and is expected to be a key milestone in advancing Malaysia’s renewable energy agenda. The project will be executed under a Solar Power Purchase Agreement with a tenure of 21 years and is scheduled to achieve its Commercial Operation Date (“COD”) by 30 October 2027. This initiative underscores the Company’s growing commitment to sustainable energy projects, marking a significant step in AIZO’s diversification strategy and efforts to contribute to the nation’s clean energy transition.
The Kampar LSS Plant, with a maximum export capacity of 99.99 MW, is expected to provide renewable energy solutions aligned with Malaysia’s ambition to achieve a sustainable energy future. The development will be financed through a combination of internally generated funds and/or bank borrowings. While the project is not expected to have an immediate material impact on the Company’s financial performance for the financial year ending 30 June 2025, it is anticipated to contribute positively to AIZO’s future earnings upon commissioning.
En. Ahmad Rahizal Bin Dato' Ahmad Rasidi, the Executive Director of AIZO commented: “The Kampar LSS Plant reflects AIZO’s ongoing commitment to advancing renewable energy in Malaysia. Building on our experience in the renewable energy sector, this is our second remarkable LSS project awarded by the Energy Commission, following the successful completion of our first LSS project in May 2023. This milestone represents another significant step toward supporting the country’s clean energy goals. Solar power is a critical component of Malaysia’s energy transition, and we are proud to contribute to a greener future.”
“Our focus remains on delivering high-impact projects that align with global sustainability standards. The Kampar LSS Plant will not only enhance AIZO’s renewable energy portfolio but also create long-term value for our stakeholders. By leveraging our expertise and working with trusted partners, we aim to deliver a project that will make a meaningful contribution to the community and the environment.”
The LON reinforces AIZO’s continued expansion in the renewable energy sector, further diversifying its portfolio of sustainable energy projects. The initiative aligns with the Company’s strategy to support Malaysia’s renewable energy goals by contributing to cleaner and more sustainable power generation. With this latest project, AIZO solidifies its role as a key player in driving the nation’s energy transition while delivering value to its stakeholders.
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