KUALA LUMPUR (Sept 8): Cash company Pimpinan Ehsan Bhd (KL:PEB) said its renewable energy arm, reNIKOLA Holdings Sdn Bhd, has been shortlisted to develop two large-scale solar (LSS) projects in Kemaman, Terengganu under the government’s LSS5+ programme, with a combined capacity of 400 MWac (618 MWp).
In a bourse filing on Monday, Pimpinan Ehsan said reNIKOLA received the notification from the Energy Commission on Sept 2. Both projects, it said, will be developed together with a London-listed plantation group, Anglo-Eastern Plantations plc, with a total estimated investment of RM1.2 billion.
The first project comprises a 250 MWac (386 MWp) plant that will be developed by a consortium comprising reNIKOLA, RE Chenderong Sdn Bhd (formerly known as RE Gebeng BKH Sdn Bhd) and Anglo-Eastern Plantations.
The second is a 150 MWac (232 MWp) plant to be undertaken by Antara Hijauan Sdn Bhd, a wholly owned subsidiary of reNIKOLA, together with Anglo-Eastern Plantations.
The shortlisted projects fall under the government’s fifth round of competitive bidding for LSS, which has already seen several listed firms — including Malakoff Corp Bhd (KL:MALAKOF), Solarvest Holdings Bhd (KL:SLVEST), Sunview Group Bhd (KL:SUNVIEW) and Cypark Resources Bhd (KL:CYPARK) — securing spots in the race to build new solar farms.
Like previous rounds, successful LSS5+ projects will supply electricity to the national grid for a 21-year concession period, with commissioning targeted between 2027 and 2028, according to the Ministry of Energy Transition and Water Transformation.
Pimpinan Ehsan had acquired reNIKOLA as part of its transformation into a renewable energy player in 2021.
The group has been classified as a cash company since the financial year ended Dec 31, 2018 after taking over the listing status of TRIplc Bhd and disposing of its construction outfit to Puncak Niaga Holdings Bhd (KL:PUNCAK).
Shares in Pimpinan Ehsan finished unchanged at 80 sen on Monday, giving the Main Market company a market capitalisation of RM55.3 million.