Advancecon inks two solar energy MoUs totalling 3,937 kWp
17 Jul 2020
Earthworks and civil engineering services provider Advancecon Holdings Bhd has entered into two solar energy memorandums of understanding (MoUs) to install rooftop solar photovoltaic systems under the Net Energy Metering (NEM) scheme.
In a bourse filing today, Advancecon said its unit Advancecon Solar Sdn Bhd had inked the MoUs with Latitude Tree Furniture Sdn Bhd and Rhong Khen Timbers Sdn Bhd.
Under the MoUs, Advancecon Solar will undertake the engineering, procurement and construction of the solar photovoltaic systems installed on Latitude’s premises in Klang, Selangor and Rhong Khen’s premises in Ajil, Terengganu.
It said upon successful installation of the solar photovoltaic systems, the total generation capacities for Latitude and Rhong Khen will be 2,122 kilowatt peak (kWp) and 1,815 kWp respectively.
In a separate statement, Advancecon group chief executive officer Datuk Phum Ang Kia said the new MoUs further reinforces Advancecon’s growing headway within the solar renewable energy sector.
“The continuous positive response we have received from corporations, particularly manufacturing companies, attests to the clear benefits of utilising solar energy in their operations, including enjoying immediate savings in energy costs,” he said.
Phum said the two MoUs increase Advancecon’s total solar energy portfolio to 7,838.44 kWp, surpassing its minimum target of 7,000 kWp for the year.
“Whilst we remain committed to increasing this further to 10,000 kWp or more by end-2020, we are also focusing on the execution and implementation of our earlier MoUs.
“We expect our first NEM project to start commissioning in January 2021,” he said.
Phum added that of the total solar energy portfolio of 7,838.44 kWp, the total generation capacity under the NEM amounts to 7,377.32 kWp, from the MoUs signed with Oon Corp Resources (M) Sdn Bhd, YHI Manufacturing (Malaysia) Sdn Bhd, as well as Latitude and Rhong Khen.
The balance 461.12 kWp would be utilised by Peritone Health Sdn Bhd for self-consumption purposes, he said.
At midday break, Advancecon rose 3.8% or 1.5 sen to 41 sen, valuing it at RM165.77 million.
Source: The Edge Markets