In a statement, AME said its subsidiary Symphony Square Sdn Bhd (SS) has inked the JV agreement with Baozhou New Energy Technology Sdn Bhd (BNET).
AME, through SS, will hold a controlling 51% stake in the JV company, while BNET will hold the remaining 49%.
AME said BNET will provide technology expertise in solar energy, including solar panels and solar tracking systems, while AME will contribute its experience in integrated industrial space solutions.
The primary activities of the JV company include solar panel installation and connectivity to Net Energy Metering grid, distribution of solar panels and solar tracking systems, and engineering, procurement, construction, and commissioning (EPCC) of Grid Connected Solar Photovoltaic projects for commercial and industrial buildings.
Additionally, the JV will target new projects in the development, investment, management, operation and maintenance of solar energy systems.
AME group managing director Kelvin Lee Chai said the JV will allow it to add value to the industrial plants and buildings in AME’s i-Parks and other external customers across Peninsular Malaysia, and also expand the capabilities and competitiveness of its construction and engineering division.
“As sustainability and energy efficiency become increasingly important considerations among manufacturers and other companies as part of their social responsibility, we anticipate growing demand for green energy solutions,” he said.
Lee said that in the long term, the JV will also target large scale and floating solar farm projects, and EPCC projects in the renewable energy sector.
At 11.25am, AME dipped 1.73% or 3 sen to RM1.70 with 1.05 million shares traded.
Source: The Edge Markets