Sunday 19 May 2024
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KUALA LUMPUR (Oct 4): Malakoff Corp Bhd has inked a memorandum of understanding (MOU) with ports under the MMC Group of Companies, namely Northport (Malaysia) Bhd, Johor Port Bhd, Pelabuhan Tanjung Pelepas Sdn Bhd and Penang Port Sdn Bhd, to explore the collective potential through collaboration, and to explore various green power initiatives, including any solar power programme under the government’s initiatives, such as the Corporate Green Power Programme (CGPP).

In a statement on Wednesday, Malakoff said that through the MOU, the company and MMC Ports are set to embark on a transformative partnership within the CGPP, where Malakoff will assume the pivotal role of a solar power producer, while MMC Ports will serve as the esteemed corporate consumer.

It said this strategic collaboration paves the way for MMC Ports to tap into renewable energy (RE) through a virtual acquisition of solar power.

Malakoff said this initiative reflects the joint commitment of Malakoff and MMC Ports to spearheading the development of 500MW of solar projects within the Albukhary Group of Companies.

Additionally, under the self-consumption (SelCo) rooftop solar programme, Malakoff will serve as the developer for the end user, MMC Ports, where the installation, operation and maintenance of the solar photovoltaic system will be managed by Malakoff.

Malakoff managing director and chief executive officer Anwar Syahrin Abdul Ajib said the government’s recently announced National Energy Transition Roadmap not only outlines clear policies for utility companies such as Malakoff to further leverage their expertise in the RE space, but will also substantially boost the country’s economic growth.

“This strategic collaboration represents our ambition and commitment to tackling global environmental issues by expanding our existing RE portfolio, and exploring different areas of green initiatives through comprehensive and innovative solutions.

“To date, our achievements encompass 67MW of total solar installed capacity through Large Scale Solar (LSS) and rooftop solar, and a promising 84MW of hydropower capacity that is steadily progressing towards completion.

“Our readily available land bank close to the grid lines in Perak and Melaka serves as evidence of our capacity, which would subsequently enable potential offtakers, especially within the Albukhary Group, to develop solar projects. Moreover, we are also exploring energy exports to neighbouring countries, such as Singapore,” he said.

At the midday break on Wednesday, Malakoff shares had shed 0.83% or half a sen to 59.5 sen, with 196,700 shares traded.

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