G Capital inks PPA with Muda Holdings unit for 25-year, 5.5MWp solar PPA

KUALA LUMPUR (July 28): G Capital Bhd’s 70%-unit Solarcity Malaysia Sdn Bhd has inked a solar power purchase agreement (PPA) with Muda Holdings Bhd’s wholly-owned subsidiary Federal Packages Sdn Bhd for sale of solar energy to Federal Packages from a 5.5 megawatt-peak (MWp) solar asset in Pulau Pinang.

Under the agreement, Solarcity will design, construct, instal, own, operate and maintain the additional solar photovoltaic generation system, which will be located on Federal Packages’ premises. The PPA spans 25 years from the commercial operation date, G Capital said.

“The plant is expected to achieve commercial operation by [the] first quarter of 2023,” G Capital added.

Separately, Solarcity and Chin Well Holdings Bhd unit Chin Herr Industries (M) Sdn Bhd mutually agreed to downsize a planned solar rooftop asset to 2.47 MWp, from the initial 3MWp proposed previously.

The two parties inked a supplementary solar PPA to effect the revision, it said. In previous announcements, the project was said to be completed by the fourth quarter of 2022.

Shares in G Capital last traded at 50 sen apiece, giving it a market capitalisation of RM160.35 million.