Kawan Food invests RM7.3m in solar PV system at Selangor HQ
07 Jul 2021
Kawan Food Bhd has invested RM7.28 million in a solar photovoltaic (PV) installation at its headquarters in Pulau Indah Selangor Halal Hub.
In a statement today, the group said the amount covers an energy performance management system developed by Plus Xnergy Holdings Sdn Bhd called SOURCE that uses the artificial intelligence of things.
According to Kawan Food senior factory manager Andy Yeap, one of the company’s key moves is to invest in a solar solution, which was recently completed in the first quarter of this year, with projected savings worth RM1 million annually.
“Our energy consumption would benefit greatly from reductions in operating cost with solar in the long run,” he said.
“Furthermore, this investment reduces carbon emissions, in line with global warming prevention and contributes positively towards corporate social responsibility and sustainability,” he added.
Meanwhile, Plus Xnergy group chief executive officer Ko Chuan Zhen said he observed that many businesses have taken advantage of the Net Energy Metering (NEM 3.0) NOVA, a government initiative to increase solar adoption for the commercial and industrial sectors.
This is demonstrated by the 100% uptake in just three months since the programme was launched in April, he noted.
“I hope the government considers extending the quota upwards to a range of 1,000MW-3,000MW to encourage new interest and meet present demand.
“We foresee rapid job creation within the emerging clean energy sector as more industries recognise the rate of return with solar,” he added.
At 2.36pm today, Kawan Food’s share price slipped two sen or 1% to RM1.98, giving it a market capitalisation of RM711.85 million.
Source: The Edge Markets