KUALA LUMPUR (Dec 19): A Malakoff Corp Bhd (KL:MALAKOF)-led joint venture with Solarvest Holdings Bhd (KL:SLVEST) has on Friday signed a 21-year power purchase agreement with Tenaga Nasional Bhd (KL:TENAGA) for the sale of electricity generated from its large-scale solar photovoltaic facility in Perak.

The agreement was entered into between Tenaga and Malakoff Silver Solar Sdn Bhd (MSSSB), a special purpose vehicle jointly owned by Malakoff and Solarvest under an 80:20 stake structure, according to bourse filings from both independent power producers.

MSSSB is tasked to design, construct, own, operate and maintain a 470MWac solar photovoltaic energy generating facility located at Windsor Estate in Larut and Matang, Perak. The facility will generate, deliver and sell solar energy to Tenaga throughout the tenure of the agreement.

The scheduled commercial operation date of the solar facility is expected in the first quarter of 2028.

At market close on Friday, shares in Malakoff fell 0.5 sen or 0.62% to 80.5 sen, giving the group a market capitalisation of RM4 billion. Year to date, its share price has declined by more than 5%.

Meanwhile, Solarvest shares ended unchanged at RM3.20, valuing the company at RM3.01 billion. The stock has gained about 88% so far this year.