KUALA LUMPUR: G Capital Bhd (GCB) today completed the installation and commence operation of the 1.1 MW solar photovoltaic electric power generation system for De-Luxe Food Services Sdn Bhd (DFS) in Pulau Indah, Selangor.
This was following the 25-year power purchase agreement (PPA) inked by GCB via its 70 per cent owned subsidiary Solarcity Malaysia Sdn Bhd (SMSB) and DFS) previously.
GCB executive director Tan Sri Dr Ali Hamsa said the company had commenced operating the solar PV system ahead of the targeted schedule of March 2022.
This first operating solar PV system marked an important milestone for GCB since the company ventured into solar energy solution provider via the acquisition of 70 per cent of SMSB in February 2021.
DFS is a manufacturer and distributor of premium frozen bakery products under the brand name Hearty Bake.
The company is a wholly-owned subsidiary of Envictus International Holdings Ltd, listed on the Singapore Exchange Securities Trading Ltd.
Further, the revenue from the solar power division will add new flavour to the GCB's main income stream from the transportation division from 5 September 2021 onwards.
"We are pleased with the current growth trajectory of our solar power division and doing our best to power up the other 15.5MW solar PV systems we bagged, adhering to the latest standard operating policies (SOP) announced by the government," Dr Ali said in a statement today.
To recap, SMSB has secured six 25-year PPAs of 16.6MW and is in the midst of finalising at least 14MW PPA.
On earnings, GCB for the second quarter (Q2) 2021 results posted an RM0.80 million in net profit attributable to shareholders.
"Similar with previous quarters, transportation division remained our sole revenue and earnings contributor to Q2.
"We shall see this change with the operation of this solar plant," Dr Ali said.