KUALA LUMPUR (Dec 24): Cypark Resources Bhd, together with its consortium partner Impian Bumiria Sdn Bhd, has won a competitive bid to develop a large scale solar photovoltaic (LSSPV) plant of 100 megawatts of alternating current (MWac) in Marang, Terengganu.
However, it did not disclose the contract value.
In a bourse filing today, Cypark said it has received a letter of acceptance of offer from the Energy Commission Malaysia (EC) for the development of the solar plant.
"The consortium is required to fulfill the conditions as set out in the letter of acceptance of offer prior to the EC issuing the formal letter of award for the project," it added.
"The project will further strengthen the group’s position as one of the Malaysia’s leading integrated renewable energy (RE) developers and green engineering solutions providers. With the expected completion of the LSSPV, the group will increase its RE capacity significantly," Cypark said, adding that the project is expected to contribute positively to the group's future earnings.
Yesterday, the EC announced that it had selected five bidders for the LSSPV plants in Malaysia, which are slated for commercial operation in 2021.
The consortium of ib vogt GmbH and Coara Solar Sdn Bhd and that of Cypark and Impian Bumiria were selected for the solar plants in Marang, with each plant having an export capacity of 100 MWac.
JKH Renewables Sdn Bhd and Solarpack Asia Sdn Bhd were awarded a plant of 90.88 MWac in Kuala Muda, Kedah, while ENGIE Energie Services SA and TTL Energy Sdn Bhd were awarded a 100MWac plant in Kerian, Perak.
In addition, Konsortium Beseri Jaya Sdn Bhd and Hanwha Energy Corporation Singapore Pte Ltd won a 100 MWac plant in Pekan, Pahang.
Cypark shares closed 0.74% or a sen higher at RM1.36 today, giving it a market capitalisation of RM635.72 million. The counter saw 719,000 shares traded.