KUALA LUMPUR: Construction and power utilities firm JAKS Resources Bhd today signed a memorandum of understanding with TDM Bhd to explore the use of TDM-owned land in Merang, Terengganu to develop a solar photovoltaic (PV) plant there.
An MoU was signed between JAKS Resources subsidiary JAKS Solar Power Holdings Sdn Bhd and TDM's TDM-YT Plantation Sdn Bhd for the proposed lease of lands in Merang, Terengganu for the development of solar PV plant under the Energy Commission's fifth Large Scale Solar programme (LSS5).
JAKS Resurces chief executive director Andy Ang Lam Poah said the agreement enables it to secure a lease land agreement, which is essential for the Energy Commission's fifth Large Scale Solar (LSS5) programme.
On July 12, JAKS Resources said it partnered with Shanghai-based China Power Engineering Consulting Group International Engineering Co Ltd (CPECC) to bid for the development of solar PV plants with a maximum aggregate capacity of 500 megawatt of alternating current.
"Our partnership with CPECC has the potential to increase renewable energy capacity in the state of Terengganu and brings benefits to the local community.Leveraging our robust capabilities and strong track record in renewable energy projects, we are confident in the success of this initiative," he said.
JAKS Resources share price was up 2.86 per cent to 18 sen a share, giving it a market capitalisation of RM469 million.