Cypark to partner Selangor FC's investment arm to explore renewable energy opportunities - MIDA | Malaysian Investment Development Authority
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Cypark to partner Selangor FC’s investment arm to explore renewable energy opportunities

Cypark to partner Selangor FC’s investment arm to explore renewable energy opportunities

01 Aug 2023

Cypark Resources Bhd is planning to form an incorporated joint venture company with RGFC Ventures Sdn Bhd, the business and investment arm of Selangor FC, to explore opportunities relating to the development of renewable energy (RE) power plants.

The JV is envisioned to be a special-purpose vehicle with Cypark having an 80% interest, and RGFC 20%.

In a bourse filing on Tuesday (Aug 1), Cypark said it has signed a memorandum of business exploration (MOBE) with RGFC to participate in and explore opportunities relating to the development of RE power plants and initiatives for solar energy homes, particularly the Net-Energy-Metering programmes — including residential installations — in Selangor.

The exploration projects include, but are not limited to, photovoltaic solar power plants, and waste-to-energy power plants. “Cypark and RGFC are also desirous to explore any engineering procurement, construction opportunities within the environment, social and governance (ESG) essentials within the state of Selangor,” the group said.

Chaired by Raja Muda Selangor Tengku Amir Shah, RGFC is mandated to generate non-football revenue for Selangor FC, according to Cypark, who said it has been selected as the strategic partner for RGFC.

RGFC aims to help Selangor FC become financially sustainable by exploring non-football revenue, starting with RE.

“RGFC’s direction to diversify revenue is necessary for the longer-term economic sustenance of the football club. Coupled with Selangor state’s ambition to achieve its sustainability targets, this collaboration with Cypark Resources aims to maximise all possible opportunities to expedite the realisation of a cleaner environment in alignment with the national target through leveraging on collective strengths amongst corporates and the state agencies,” Cypark said.

The integrated RE services company said it is committed to assisting RGFC’s sustainability plans, as well as delivering Selangor’s energy transition initiatives.

“The signing of this MOBE represents a pivotal moment for both companies, as it exemplifies the parties’ unwavering dedication and commitment towards low-carbon and sustainable future through the utilisation of RE sources,” Cypark said. The MOBE will be in effect for two years.

Shares of Cypark closed four sen or 4.91% lower at 77.5 sen, valuing the group at RM607.7 million.

Source: The Edge Malaysia