KUALA LUMPUR: Cypark Resources Bhd's unit Cypark Suria Merchang Sdn Bhd has received the approval from Energy Transition and Water Transformation Ministry for an extension of time (EOT) for the commercial operation date of the large scale solar 3 (LSS3) photovoltaic plant of in Terengganu.
The extension involves the revision of the period of power purchase agreement (PPA) and that Cypark Suria is allowed to participate in any other energy supply programme and initiatives already launched by the government during the period after the revised PPA period.
"We extend our heartfelt gratitude to the ministry for granting the much-needed EOT and for recognising our dedicated efforts and the role of Jakel Capital Sdn Bhd for bringing in fresh capital to revitalise and accelerate the completion of this project.
"With this EOT, any potential exposure to penalties or liquidated ascertained damages relating to the project is now put to rest," said Cypark executive chair Datuk Ami Moris.
The extension will not have any effect to the share capital and shareholding structure of Cypark, it said.
But it is expected to contribute positively towards the earnings and net assets per share of the company for the financial year ending April 30, 2025.
Cypark was awarded the 100MW solar farm project in the LSS3 rollout in 2020.