CEO Morning Brief

Bina Darulaman Partners Local Solar Energy Firm for Green Energy Venture

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Publish date: Tue, 26 Sep 2023, 08:55 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Sept 25): The Kedah government’s investment holding company Bina Darulaman Bhd (BDB), via its newly set up renewable energy unit BDB Energy Sdn Bhd, is teaming up with a local solar energy firm Pumar Solar Power Sdn Bhd to jointly pursue solar energy opportunities in the country, marking BDB’s first venture into the renewable energy sector.

In a bourse filing on Monday, BDB said BDB Energy has inked a memorandum of understanding (MOU) with Pumar Solar Power, which outlines the terms of their collaboration, with a specific focus on exploring opportunities in Kedah, besides other potential states.

“This partnership holds paramount importance for BDB Energy, as it aligns perfectly with the company’s strategic business objective,” read a statement from BDB, which is primarily involved in engineering, construction, quarry and property development.

“The MOU signed between BDB Energy and Pumar Solar Power signifies a firm commitment to harnessing solar energy and other renewable energy sources to drive positive environmental impact and promote sustainable business practices. This aligns with Trust 6 of the Kedah 2035 development plan, focusing on ‘Environmental Sustainability’ across BDB Group’s diverse range of portfolios.

“The Kedah state government is taking proactive steps towards ensuring the success of the Kedah2035 development plan, through the implementation of six strategic initiatives. Among these initiatives, a focus is on establishing environmental sustainability guidelines in development planning. In this endeavour, BDB Energy stands ready to play a pivotal role in helping the government achieve its ambitious sustainability goals,” said BDB group executive director Raja Shahreen Raja Othman.

According to Raja Shahreen, BDB Energy’s expertise encompasses electric power generation and transmission, renewable energy power production; engineering, procurement, construction, and commissioning (EPCC); solar development, operation of renewable generation facilities, maintenance, and energy efficiency solutions.

“The MOU signifies BDB Energy’s strategic approach to leverage PSP’s technical expertise and established market presence to accelerate its growth in the renewable energy sector. This strategic partnership further strengthens both companies’ shared vision to drive sustainable energy solutions in Malaysia and beyond,” he added.

At the time of writing, BDB shares rose half a sen or 1.64% to 31 sen, giving the group a market capitalisation of RM91.18 million. It is a subsidiary of Perbadanan Kemajuan Negeri Kedah, also known as the Kedah State Development Corp, which controls 60.7% of BDB.

Source: TheEdge - 26 Sep 2023

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