Advancecon ventures into solar renewable energy sector
19 Feb 2020
Advancecon Holdings Bhd is venturing into the solar renewable energy field via its unit Advancecon Solar Sdn Bhd (Advancecon Solar).
In a statement Feb 18, the earthworks and civil engineering outfit said Advancecon Solar had inked a Memorandum of Understanding (MoU) to engage Solarvest Energy Sdn Bhd (Solarvest) as exclusive Engineering, Procurement, Construction and Commissioning (EPCC) services contractor for solar renewable energy projects in Malaysia under the commercial and industrial category.
It said Advancecon Solar, which is a solar photovoltaic investor registered under Sustainable Energy Development Authority (SEDA), secured its first project by entering into a MOU with latex glove manufacturer Oon Corp Resources (M) Sdn Bhd (Oon Corp) to install solar photovoltaic systems under the net energy metering (NEM) scheme on the rooftop of Oon Corp’s two premises in Senawang Industrial Estate.
It said the total generation capacity of the installations on Oon Corp’s premises will be 586.06 kWp or approximately 750,480 kWh per annum.
Advancecon Solar would collaborate with Oon Corp to adopt, execute and implement the Supply Agreement with Renewable Energy.
Advancecon group chief executive officer Dato’ Phum Ang Kia said this first undertaking for Advancecon Solar is an excellent opportunity to kickstart its solar energy venture and form a recurring income stream that complements its core business in the earthworks and civil engineering.
“Furthermore, we are proud to play our role in reaching the country’s target of generating 20% in its energy requirements from renewable sources by year 2025.
“The new MoUs signed provide a new strategic growth area for the Group moving forward and we are optimistic of the solar energy sector’s continued trajectory in this country,” said Phum.
Phum said Advancecon Solar will invest in the solar photovoltaic system while Solarvest would be responsible for the entire engineering, procurement and construction of solar photovoltaic system on the two premises.
At 9.16am, Advancecon was unchanged at 34.5 sen, for a market capitalisation of RM139.36 million.
Source: The Edge Markets