CEO Morning Brief

JAKS Resources to Participate in Italy Solar Photovoltaic Project

Publish date: Thu, 27 Jul 2023, 08:48 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (July 26): JAKS Resources Bhd has teamed up with a Germany-based renewable energy company to participate in a solar photovoltaic project with an installed capacity of 63.3 MW in Tuscany, Italy.

JAKS said its wholly-owned subsidiary, JAKS Power Sdn Bhd has signed a memorandum of understanding with Zero Carbon Energy Europe GmbH (ZC Energy). Under the MOU, JAKS Power has three months to conduct its due diligence exercise, after which it may sign a definitive project investment agreement with ZC Energy.

ZC Energy is principally involved in developing and investing in renewable energy, trading in renewable energy products and operating and managing photovoltaic systems, wind turbines, hydrogen systems and storage systems.

Through its sister companies, BaySolar AG and Bay Energy Group, it has completed multiple solar photovoltaic projects across Europe.

JAKS chief executive officer Andy Ang Lam Poah said the growing global awareness surrounding renewable energy usage has prompted the company to extend its renewable energy business beyond the Malaysian market.

“Expanding into Italy's renewable energy industry holds immense promise, given the Italian government's strong commitment to promoting renewable energy usage. Between 2005 and 2021, the electricity generation from renewable sources more than doubled. It accounted for 40.5% of the total electricity generation in 2021. The government is aiming to generate nearly 65% of its electricity from renewable energy sources by 2030,” he said.

He added the collaboration with ZC Energy will facilitate JAKS' initial foray into Europe and expand its asset portfolio, particularly in the renewable energy sector.

JAKS shares closed half sen or 2.56% higher at 20 sen on Tuesday (July 26), valuing the company at RM446.52 million.

Source: TheEdge - 27 Jul 2023

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