KUALA LUMPUR (May 20): Sunview Group Bhd (KL:SUNVIEW) announced a partnership with Uzbekistan-based Yashil Energiya on Monday to explore renewable and green energy opportunities in Uzbekistan.

The company, via its wholly-owned unit Fabulous Sunview Sdn Bhd signed the business alliance strategic agreement with Yashil Energiya, a company which specialised in the installation of renewable energy (RE) source devices, delivery of electricity produced by RE sources to consumers and service and maintenance of RE sources installed in Uzbekistan.

Under the agreement, Fabulous Sunview will be the investor and  engineering, procurement, construction and commissioning provider for the projects, while Yashil Energiya will act as the purchaser for the electricity generated from the projects.

According to Sunview group executive director and chief executive officer Ong Hang Ping, the recent partnership with Yashil Energiya marks a major step for Sunview’s global expansion plan.

“Given Uzbekistan’s target to generate 40% of its electricity requirements via renewable sources by 2030, our partnership is perfectly aligned with this sustainability goal. This collaboration allows Sunview to extend its geographical reach,” he said in a statement.

“This also underscores our commitment to support Uzbekistan’s sustainability agenda. I am confident that our joint efforts will yield a positive outcome for the communities we serve and foster a greener future for all,” he added.

Last February, Sunview said it has teamed up with the Administration of Kashkadarya, Uzbekistan to explore possibilities of developing a 500 MWac solar photovoltaic plant in the region of Kashkadarya, with an estimated total cost of US$1 billion (RM4.78 billion).

Sunview’s net profit for the third quarter ended Dec 31, 2023 (3QFY2024) fell 34.3% to RM1.53 million from RM2.34 million in the previous year's corresponding quarter, due to lower gross profit margin because of competitive power purchase agreement tariffs.

This brought its nine months' net profit (9MFY2024) to RM4.96 million, down 32.6% from RM7.36 million in the previous year.

Shares of Sunview rose half a sen or 0.75% to 67 sen as of noon break, giving the renewable energy player a market capitalisation of RM339.51 million.