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Scomi partners ODESI to explore development of urban solar programme

Scomi partners ODESI to explore development of urban solar programme

22 Sep 2021

Scomi Group Bhd said its wholly-owned Scomi Capital Sdn Bhd (SCSB) has entered into a memorandum of understanding (MOU) with ODESI eCOB Sdn Bhd to explore opportunities to develop an urban solar programme to sell and purchase electricity generated from solar photovoltaic systems.

In a filing, it said the sale and purchase of electricity will be done under a power purchase agreement (PPA) or supply agreement with renewable energy (SARE) on a zero-capital expenditure model, meaning that the cost of generation will be borne by the seller of electricity with no cost to the purchaser.

“The objective of the urban solar programme is to promote the use of renewable energy in facilities under the jurisdiction of state governments, city councils, joint management companies and property owners with the aim of achieving energy savings benefit for the customer,” said Scomi.

ODESI is engaged in the business of providing IT solutions to the strata industry, with a vast network of customers including state governments, city councils, joint management bodies, management corporations, property developers and property management companies.

During the tenure of the MOU, the parties will work together to secure business opportunities, including preparing and submitting tenders or bids on a joint and/or separate basis for PPAs or SAREs with customers.

In the event of a successful tender, the parties will enter into a separate contractual agreement.

“The parties are desirous to leverage off ODESI’s vast network in the strata industry with its customers and SCSB’s expertise in the business of investment, development and operation of solar concessions,” it said.

Scomi closed unchanged at three sen, giving a market capitalisation of RM32.82 million.         

Source: The Edge Markets

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