KUALA LUMPUR (Aug 23): G Capital Bhd’s 70%-owned unit Solarcity Malaysia Sdn Bhd had completed the installation and commenced operation of a 309.28 kilowatts peak (KWp) solar photovoltaic (PV) electric power generation system at Muda Holdings Bhd’s plant in Kampung Jawi Sempit in Simpang Ampat, Penang. 

In a bourse filing, G Capital said the commercial operation of the solar PV facilities was on Aug 19. 

The solar PV is for the supplemental power purchase agreement (PPA) that Solarcity had signed with Muda’s wholly-owned subsidiary Muda Paper Converting Sdn Bhd on May 30, to install additional capacity.

Muda Paper Converting is principally involved in the convertion and sales of paper stationeries and paper-based food packaging products.

G Capital said the plant will be contributing revenue and earnings to the group over a span of 25 years, according to agreed terms in the PPA.

G Capital, via Solarcity, has strategically positioned itself to participate in solar energy projects.

According to the company’s latest annual report, Solarcity has secured six 25-years PPAs of 16.6 megawatts (MW) and is in the midst of finalising the PPA on the letter of award bagged, of at least 14.15MW. 

G Capital's share price closed unchanged at 47 sen on Tuesday (Aug 23), valuing the passenger vehicle charterer at RM150.72 million.