22 Jun 15 – Press Release – PUC Founder Pens Agreement with TNB
PUC Founder Pens Agreement with TNB
Tenaga Nasional Berhad purchases electricity from PUC Founder for 21 years with confirmed FiT rate.
PETALING JAYA, 22 June 2015 – The Board of Directors of 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 (formerly known as Ausscar Group Sdn. Bhd.) (“MESB”) wishes to announce that MESB has entered into a renewable energy power purchase agreement with Tenaga Nasional Berhad for a FiT concession period of 21 years for electricity generated from the 1MWp solar photovoltaic (“PV”) plant.
The solar PV plant being set up in Sungai Petani, Kedah will commence construction soon and is planned for operation by fourth quarter of 2015. TNB will purchase the electricity generated from the solar PV plant for 21 years according to the confirmed FiT rate of RM 1.0355 per kilowatt-hour. It is expected to start contributing to the group revenue in the first quarter of 2016.
The company intends to expand its solar PV capacity in the near future and the source of funds will be ranging from bank borrowings, fund raising exercise and/or internally generated funds.
Group Managing Director, Mr. Cheong Chia Chieh commented, “We are committed to expand the renewable energy business as this would bring us stable and recurring income. The 1MWp solar PV plant is just the starting for us, and we want to further expand the business to 50MWp of solar PV capacity. At the same time, we will also continue exploring other types of potential renewable energy businesses. And to manage all of these, we are providing adequate training to our employees so that we would be well prepared to handle the projects.”
Mr. Cheong Chia Chieh has been enrolled to the Diploma of Advanced Studies in Renewable Energy Management Programme in the University of St. Gallen in Switzerland, which is an effort we have made to better enhance our knowledge on the management of energy businesses.
Cheong further commented, “We aspire to not only become the renewable energy project owner, but also the Engineering Procurement Construction Contractors (“EPCC”) and domestic distributor for renewable energy equipments which is why we are in plans for EPC companies acquisition to expand our business up stream and down stream We’re on track to realizing our transformation plan and we will keep our promise to shareholders and investors as we bring the company to greater heights.”
Issued By: Management of PUC Founder (MSC) Berhad