Malaysian Bina Puri Subsidiary’s, BP Energy to build, own and operate 5.00 MWa.c. large scale solar farm in Kunak, Sabah.
Following the successful listing of its power subsidiary in Indonesia, being the First Non-Government Link Company to be successfully listed on the Indonesia Stock Exchange (IDX), Bina Puri Holdings Bhd achieved its latest milestone, when its local wholly-owned power subsidiary, BP Energy Sdn Bhd on 4 December 2017 has accepted the Letter of Acceptance to undertake a development of 5.00 MWa.c. Large Scale Solar Photovoltaic (PV) Plant in Kunak, Sabah from Suruhanjaya Tenaga (ST).
In a statement today, Bina Puri Group Executive Director, Datuk Matthew Tee Kai Woon said:
“Moving forward, we are indeed very positive and planning to add more solar farms and mini hydro powers onto our power portfolio. This is Bina Puri’s first power project in Malaysia after the successful listing of our power subsidiary in Indonesia Stock Exchange (IDX) June 2017. The project is on Build-Own-Operate (BOO) basis, is located at Kampung Dasar, in Kunak and all documentation is expected to be finalised by March 2018.”
Large Scale Solar Plant (LSS) is one of the initiatives of ST to increase the penetration of Renewable Energy in the market. Malaysia intends to reduce its greenhouse gas (GHS) emissions intensity by 45 percent by 2030, and by then Malaysia is targeted to have 30 percent of Renewable Energy including hyro and solar farms.
In Sabah itself, the demand of electricity is forecasted to grow at a rate of 5 percent (medium term) in year 2019-2024, after the short term forecast of 6.1 percent in 2015-2018. By the year 2035, demand of electricity in Sabah is forecasted at 1,238 MWac daily usage.
Datuk Matthew Tee added:
“While construction remains the biggest top line contributor for Bina Puri in FY2016, we believe the contribution from other business divisions especially Power Supply will increase in FY2017 as well as FY2018. Prospects will be better for the Company moving forward and with our combined strength and expertise, we are devoted to take this journey to the next level to enhance our shareholders’ value.”
Source: Press Release by Bina Puri Holdings Bhd. Photo Credits: © Bina Puri Holdings Bhd.