Plus Xnergy sees post-pandemic potential from power purchase deal with Keysight
24 Feb 2022
Plus Xnergy Asset (PXA), a wholly-owned subsidiary of Plus Xnergy Holding (Plus Xnergy), sees post-pandemic potential in the Northern region after signing a corporate power purchase agreement (PPA) with Keysight Technologies to install solar photovoltaic (PV) system here.
Group chief executive officer and co-founder of Plus Xnergy, Ko Chuan Zhen said Plus Xnergy is aggressively pursuing opportunities in the northern states of Penang, Perak and Kedah as “many multinational companies are located here with their commitment to sustainability by being part of the RE100 global community”.
“We see potential here, especially post-pandemic as many companies seek to transition to net-zero emissions by pursuing 100 per cent renewable strategies,” he said in a statement here today.
However, Ko explained that the PPA is a contract between Keysight Technologies, the energy buyer, and PXA, the energy seller for a tenure of 20 years.
He said through this PPA solution, Plus Xnergy finances the solar PV system installed at Keysight’s Bayan Lepas, Penang facility, enabling Keysight to purchase electricity at lower-than-grid rates for the next 20 years.
“We are privileged to be working on this effort with Keysight Technologies, to be a part of their transition towards clean energy. Through this, Keysight would be able to optimise cash flows via recurring savings from lowered electricity tariffs at no upfront capital expenditure,” he said.
He added that after the 20-year tenure, the system is then transferred to Keysight’s ownership where they continue to reap its benefits.
Ko said the photovoltaic system covers the rooftops of all eight buildings at the site and is the largest solar power generation system for Keysight globally.
“Plus Xnergy has successfully designed and financed the system and is currently installing the solution at Keysight’s Bayan Lepas facility. Once completed, Plus Xnergy will manage the operations of the solar system, providing an end-to-end solution in ensuring its efficacy and effectiveness,” he said.
He said it will reduce the equivalent of approximately 5,000 tonnes of carbon dioxide emissions in the first year and more than 95,000 tonnes over 20 years.
Clean energy provider, the Plus Xnergy group of companies devotes itself through catering solutions in line with the energy trilogy, which consists of energy generation, energy efficiency and energy storage.