KUALA LUMPUR (Nov 18): Electrical and mechanical engineering services provider Kejuruteraan Asastera Bhd (KAB) has secured three new solar projects in Thailand with an estimated total value of RM55.72 million.
The group, via its indirect subsidiaries KAB Gree Solar Thai Co Ltd (KABGST) and Energy Optimisation (Thailand) Co Ltd (EOT), has secured three projects for grid-connected photovoltaic solar systems with an aggregate capacity of 4,537 kilowatt-peak in Thailand through six power purchase agreements (PPAs) with Aapico Ayutthaya Group of Companies, Great Glove (Thailand) Co Ltd and Volcano Tec (Thailand) Co Ltd.
According to KAB's bourse filing, the projects will reduce carbon dioxide emissions by 95,018 tonnes, with total savings and reduction in emissions computed over 25 years (the average lifespan of solar panels).
KAB managing director Datuk Lai Keng Onn said the projects will contribute positively to KAB’s earnings, adding that the group will continue to increase its tender capacity in the renewable energy segment in Southeast Asia.
He said Thailand had set itself to be an attractive location for renewable energy initiatives, such as solar power projects, in tandem with the national net-zero targets.
The projects are aligned with the country’s target to reach net zero emissions by 2065, according to Lai.
“Along with solar panels gradually becoming affordable and competitive, we are confident that we are able to capitalise on the exponential growth potential and continue to deliver our services and solutions within our green energy business segments to our best ability.
“The signing of these PPAs continues to illustrate our commitment towards our sustainability framework, particularly in carbon offsetting via renewable energy which promotes direct and positive environmental impact. Our sustainability strategies and aspirations are in line with the goals of the Paris Agreement, contributing to the capping of global temperature rises to within 1.5 to two degrees Celcius by reducing greenhouse gas emissions. All and all, this is certainly an added value to our aspirations to provide sustainable green energy solutions."
Currently, KAB has a combined installed capacity of 11,534 kilowatt-peak of solar projects, which include 3,912 kilowatt-peak in Thailand.
“The signing of these new PPAs will elevate the installed capacity to 16,071 kilowatt-peak, of which Thailand will account for 53% or 8,449 kilowatt-peak of the total installed capacity of the solar projects,” Lai added.
At the midday break on Thursday (Nov 18), KAB shares were down by 1.45% or five sen at 34 sen, with a market capitalisation of RM586.3 million.