GCAP commissions fourth solar PV system for Evergreen Fibreboard in Johor - MIDA | Malaysian Investment Development Authority
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GCAP commissions fourth solar PV system for Evergreen Fibreboard in Johor

GCAP commissions fourth solar PV system for Evergreen Fibreboard in Johor

01 Jul 2022

G Capital Bhd’s (GCAP) 70 per cent-owned subsidiary, Solarcity Malaysia Sdn Bhd (SMSB), has completed and commenced the operation of a 7.0 MWp solar photovoltaic electric power generation system in Batu Pahat, Johor for Evergreen Fibreboard Bhd after signing a power purchase agreement (PPA) on 17 June 2021.

This brings the total solar capacity in GCAP to 15.3 MWp, which would generate a yearly revenue potential of RM4 million for the 25-year PPA.

GCAP executive director Datuk Yap Yee Ping said the company started seedlings into solar PV projects in 2021 and is now making strides in the venture.

“Today, we commissioned our fourth solar PV system this year after three back-to-back completions and commissioning 7.2MWp across Peninsula Malaysia in the first quarter of 2022,” she said in a statement today.

Recurring and sustainable top-line and cash flows will serve as a launching pad to fuel GCAP’s growth going forward.

Evergreen is a Bursa Malaysia main market listed company involved in manufacturing and selling wooden products like fibreboard, furniture, wood pellets, plywood, urea-formaldehyde concentrate and adhesive products.

GCAP powered up a 7.0MWp solar PV system for Evergreen, marking the maiden of SMSB’s installation capacity exceeding 5MWp under the Energy Commission Malaysia’s guidelines on licensing under the Electricity Supply Act 1990.

Consequently, GCAP has doubled its solar PV system commissioned capacity to 15.3 MWp.

Yap remains optimistic about the growth of its solar division and believes there is still huge potential to scale in the industry, where small and medium-sized business owners, spanning commercial and industrial sectors, can leverage the green energy GCAP is offering.

This would help the owners enjoy electricity cost savings while embracing environmental, social, and corporate governance (ESG) aspirations.

“No doubt that the push factor for sustainability on top of cost-conscious in the post-Covid era has pushed everyone into renewable energy (RE)-related affairs.

“We are confident of our prospects and track record of completion and commissioning more RE projects ahead,” she said.

Source: NST