The study encompasses the development of a 30-megawatt biomass power plant, alkaline recovery plant and wastewater treatment plant in GTPP.
In a bourse filing today, Nextgreen said it is also still in discussion on the collaboration structure with the two Japanese companies including the establishment of a joint venture arrangement and terms of the definitive agreement.
As such, a Memorandum of Understanding (MoU) entered into by Nextgreen with Nomura and IHI in November 2018 to explore
collaboration and investment for GTPP, has been extended for another year.
The MoU allows the three parties to evaluate potential collaboration involving Nextgreen’s technology of converting palm oil wastes into pulp and paper, IHI’s proficiency in renewable energy and Nomura’s financial expertise.
Situated on 410 acres of land, GTPP is the brain child of Nextgreen managing director Datuk Lim Thiam Huat to bring Malaysia to the world stage on renewable paper and pulp products and create greater environmental awareness through the efficient utilisation of palm oil industry wastes and biomass to produce 'green' products.
IHI is a Tokyo-listed heavy industry manufacturer, while Nomura — listed on Tokyo, Nagoya, Osaka, Singapore and New York stock exchanges — is a financial services group, with financial know-how for the realisation of green technology.
Nextgreen shares closed one sen or 1.32% higher at 39 sen today, for a market capitalisation of RM194.1 million.
Source: The Edge Markets