16 Mar 15 – Press Release – PUC Founder Ventures into Green Energy
PUC Founder Ventures into Green Energy
PUC Founder has been awarded as a Feed-in-Tariff (“FiT”) Approval Holder by SEDA to develop and operate a 1 MWp solar PV plant for 21 years that is to be set up in Sungai Petani, Kedah.
PETALING JAYA, 16th March 2015 – PUC FOUNDER (MSC) BERHAD (“PUC Founder” or the “Company”), a Bursa Malaysia ACE market listed company (Stock code : 0007) today via its subsidiary, MaxGreen Energy Sdn Bhd (“MGE”), is pleased to announce that MGE has been awarded as a Feed-in-Tariff (“FiT”) Approval Holder by the Sustainable Energy Development Authority Malaysia (“SEDA”) to develop and operate a solar photovoltaic (“PV”) plant with 1 megawatt power (“MWp”) capacity to produce electricity to be supplied to Tenaga Nasional Berhad (“TNB”).
The solar PV plant is to be set up in Sungai Petani, Kedah with a land area of 2.5 acres. TNB will sign a contract with MGE whereby the power produced will be sold to TNB at a fix rate under the FiT rates.
“Once awarded as a FiT Approval Holder, we will proceed to sign the agreement with TNB upon fulfilling the conditions imposed by SEDA and TNB. We will be supplying power to TNB which is a sustainable source of income for the Company. We capitalise on the opportunity to venture into solar PV project which is in line with our beliefs and at the same time bringing in steady stream of revenue to our Group.” said the Group Managing Director, Mr. Cheong Chia Chieh.
SEDA allocated a quota of 32 MWp for the category of Solar PV non-individual (>425 kWp up to and including 1MWp), under which 146 applications have been submitted. In this highly sought-after project, MGE has successfully been awarded as one of the FiT Approval Holders.
We intend to expand our solar PV plant’s capacity up to 50MWp in the near future and will seek appropriate funding options such as bank borrowings, rights issue, private placement, strategic investments etc.
Mr. Cheong further commented, “It is very exciting to take a big leap forward for our Group as we step into the renewable energy industry. By going into the renewable energy sector, it will bring positive growth for our Group and at the same time, it serves as our contribution to the sustainability of the environment.”
Issued By: Management of PUC Founder (MSC) Berhad