Advancecon inks solar energy MoU with Peritone - MIDA | Malaysian Investment Development Authority
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Advancecon inks solar energy MoU with Peritone

Advancecon inks solar energy MoU with Peritone

07 Jul 2020

Advancecon Holdings Bhd’s wholly-owned unit, Advancecon Solar Sdn Bhd, has inked a Memorandum of Understanding (MoU) with pharmaceutical manufacturing plant Peritone Health Sdn Bhd (Peritone) to develop a rooftop solar photovoltaic system at the latter’s premises in Kulim Hi-Tech Park, Kedah.

Advancecon said the MoU stipulated that Advancecon Solar would undertake the engineering, procurement and construction of a 461.12kWp solar photovoltaic system to be installed at Peritone’s premises.

“Advancecon Solar will subsequently invest in, own, operate and maintain the system throughout the power purchase agreement and the lease agreement period,” it said in a statement today.

The MoU signed marked the third solar energy deal bagged by Advancecon.

Together with the earlier two MoUs signed with Negeri Sembilan-based Oon Corp Resources (M) Sdn Bhd and Melaka-based YHI Manufacturing (M) Sdn Bhd, this latest MoU will increase Advancecon Solar’s total (Net  Energy Metering (NEM) portfolio to 3,710.46 kWp to-date, it said.

Describing the MoU with Peritone Health as a significant breakthrough in Kulim Hi-Tech Park,  Advancecon group chief executive officer Datuk Phum Ang Kia said the deal will potentially enable the company to make inroads into empowering other corporations in the industrial park.

“Advancecon Solar is certainly on track towards achieving our target of increasing our NEM portfolio size to between 7,000 and 10,000 kWp by end-2020,” he added.

Source: Bernama