KUALA LUMPUR (July 1): Renewable energy provider Samaiden Group Bhd (KL:SAMAIDEN) has proposed to acquire 185.57 hectares of land in Teluk Intan, Perak for RM45.5 million in cash, to develop a utility-scale solar farm.

The land, with a 99-year leasehold tenure, is situated near a high-voltage substation, which significantly reduces grid interconnection complexity and cost, the group said in a filing with Bursa Malaysia on Tuesday.

Samaiden said the property could be used by the group for the development of its own utility-scale solar farm, and leased to other solar developers with Samaiden providing engineering, procurement, construction and commissioning, and related project delivery services.

"This dual-track strategy allows the group to unlock value either through direct ownership or collaborative development, while retaining control over project execution and ensuring continued participation across the solar value chain," the group added.

Samaiden said the acquisition of the land from Kelapa Sawit (Teluk Anson) Sdn Bhd will be funded via a combination of bank borrowings and internally generated funds. The transaction is expected to be completed by the first half of 2026.

Shares of Samaiden closed one sen or 0.85% lower at RM1.17 on Tuesday, valuing the group at RM524.44 million. The counter has declined more than 10% year-to-date.