KUALA LUMPUR (Feb 10): Solar engineering and installation firm JS Solar Holding Bhd (KL:JSSOLAR) said on Tuesday that it has teamed up with independent power producer Nur Power Sdn Bhd to explore a collaboration on solar rooftop renewable energy projects, including battery energy storage systems (BESS), within Kulim Hi-Tech Park in Kedah.
Nur Power is a 51%-owned unit of UEM Lestra Bhd, the green industries arm of UEM Group. Nur Power specialises in the generation, transmission and retail supply of electricity to industrial customers within Kulim Hi-Tech Park.
The proposed collaboration framework will see JS Solar’s wholly owned unit, JS Solar Sdn Bhd (JSSB), take on the role of engineering, procurement, construction and commissioning contractor, while Nur Power will provide relevant project information and technical requirements.
Subject to mutual agreement, both parties may jointly bid for selected opportunities.
The memorandum of understanding (MOU) is non-exclusive and non-binding, and does not restrict Nur Power from engaging other contractors or service providers for similar projects. It also does not constitute a commitment by either party to proceed with any project or to award any contract, JS Solar said.
JSSB may also introduce and integrate advanced photovoltaic systems, inverters, BESS, hybrid control systems and other related solutions for the projects, the group said.
“Any formal collaboration between the parties shall be subject to the negotiation, finalisation and execution of a definitive agreement setting out the detailed terms, obligations and responsibilities of the parties,” JS Solar added.
The MOU will remain in force for 24 months from the date of signing and may be extended subject to mutual agreement.
Nur Power’s other 49% stake is held by Dulang Ekuiti Sdn Bhd. Dulang is controlled by Teras Dara Konsortium Sdn Bhd with a 60% stake, Ivory Insights Sdn Bhd (10.93%), and Alpine Motion Sdn Bhd (29.06%) — belonging to the children of the late former minister Tan Sri Jamaludin Jarjis.
Shares in JS Solar rose half a sen or 2.5% to 20 sen on Tuesday, giving the group a market capitalisation of RM66.6 million. Year to date, the stock has fallen more than 24%.