KUALA LUMPUR: JAKS Resources Bhd's (JAKS) subsidiary, JAKS Solar Power Sdn Bhd (JAKS Solar), has partnered with Qhazanah Sabah Sdn Bhd (QSSB) to develop solar power and hydropower plants in Sabah.
In an exchange filing today, the company entered into a memorandum of understanding with QSSB, which will enable both companies to work together, driving on the long-term positive changes and the strategic business relationships between the two parties.
JAKS chief executive officer Andy Ang Lam Poah said the company is excited to have QSSB as its strategic partner to develop and implement projects in solar power and hydropower plants in Sabah.
"This ultimately fosters an opportunity for us further to expand our business operations in the renewable energy sector and grow our footprint into Sabah," he said in a statement today.
He said JAKS is confident that the collaboration on the projects will be fruitful, leveraging the group's experience in the power sector, particularly with the construction and development of the two units of JAKS Hai Duong coal-fired thermal power plant Vietnam with an aggregate capacity of 1,200 megawatts.
The JAKS Hai Duong power plant was completed six months ago and has since achieved its full commercial operation in January 2021.
"Our capabilities were further recognised with our recent successful shortlisting for the large-scale solar programme, namely the Large Scale Solar 4 (LSS4) with an export capacity of 50-megawatts, marking our first foray into the renewable energy sector," he added.
QSSB is an investment arm of the state government of Sabah that aims to drive Sabah's economic development and growth in various sectors.
These include telecommunication, power generation and utilities, logistics, finance, property and healthcare services.
JAKS said the MOU was a win-win situation and mutually beneficial for JAKS Solar and QSSB, where it will facilitate the cooperation between the two parties for a continuous exchange of knowledge and expertise and enhance Sabah's overall economic growth and development.