KUALA LUMPUR: G Capital Bhd's (GCAP) 70 per cent owned subsidiary Solarcity Malaysia Sdn Bhd (SMSB) today completed the installation and commenced operation of a 3.0 MWp solar photovoltaic electric power generation system for Muda Paper Mills Sdn Bhd (MPM) in Simpang Ampat, Pulau Pinang.
This is following the 25-year power purchase agreement (PPA) inked between SMSB and MPM previously.
Further, the completion of this project will generate sustainable recurring income and cash flows to GCAP.
GCAP executive director Tan Sri Dr Ali Hamsa said the 2022 prospects with the initiation of energy generation to the company third solar PV system is promising, especially since GCAP had its second power-up not long ago.
"With this 3.0 MWp solar PV system in Penang, we are now marking our successful renewable energy (RE) footprints from the northern region to southern region of entire peninsula of Malaysia," he said in a statement today.
MPM is a wholly-owned subsidiary of Muda Holdings Bhd, involved in the paper milling and manufacturing business with a wide range of products, including a mill, corrugated and packaging, paper bags, and paper-based stationery products.
To recap, this is the third solar PV system energised since GCAP ventured into the solar energy sector in February 2021.
The first solar PV system was powered up in September 2021 for De-Luxe Food Services Sdn Bhd (1.1 MWp) in Selangor, whilst the second was in January 2022 for Muda Pasifik Sdn Bhd (1.2 MWp) in Johor.
"We are building up momentum to deliver promises we made earlier.
"Flashback to the hurdles we encountered since the outbreak of the Covid-19 pandemic, I am pleased that we remained resilient and adapted to the new norm in many of our business undertakings," Dr Ali said.
GCAP is pivoting on the success stories on RE, solar and scaling up this business division.
Leveraging on power purchase arrangements, the company have been helping business owners and corporates to begin transit into RE sources and enjoy saving on their electricity bills.
"I have faith GCAP is here to well-serve and grow RE believers.
"We are definitely one more step closer to our national goal of decarbonisation," Dr Ali said.
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