KUALA LUMPUR: Solar system provider, Plus Xnergy Holding Sdn Bhd announced that the company has formed a joint venture with Yinson Holdings Berhad to develop and implement commercial and industrial rooftop solar photovoltaic (PV) projects in Malaysia.
"We are honoured to be furthering our alliance with Yinson through this shareholder agreement. With this in place, we deepen our partnership and joint endeavour towards making both clean and lower costing energy a possibility for businesses in Malaysia and beyond," said Plus Xnergy Services' chief executive officer, Thang Chee Keong at the shareholder's agreement signing event held near here.
The partnership will see merge of Yinson's experience as an energy infrastructure and technology firm with Plus Xnergy's strength as a solar PV system provider and Engineering, Procurement, Construction, and Commissioning (EPCC) solutionist in Malaysia.
Yinson Renewables' chief executive officer, David Brunt who represented Yinson said that the collaboration will allow both companies to further implement sustainable energy solutions for prominent energy consumers, and "contributes positively towards Malaysia's energy transition".
The new collaboration sees both firms agreeing to jointly invest and develop solar PV projects via power purchase agreement (PPA) schemes – a solar financing solution where a business entity does not incur capital expenditure when adopting a solar solution.
Aimed at optimising cash flow, businesses gain reduced electricity tariffs over a 15-20-year tenure. Once mature, business owners take full ownership of the solar setup and its savings benefits.
"The zero capital expenditure required on the part of businesses has clearly helped our customers make the transition. Undoubtedly the rise in energy cost has made this a clearer option. Continued adoption of PPAs will also support national agendas and reforms such as the carbon neutrality goal by 2050," said Thang.