Yinson, Plus Xnergy in JV to develop 250MW of solar projects
12 May 2022
Yinson Holdings Bhd is forming a joint venture (JV) with Plus Xnergy Holding Sdn Bhd to develop and implement commercial and industrial (C&I) rooftop solar photovoltaic (PV) projects.
In a statement, Yinson said its subsidiary, YR C&I Pte Ltd (Yinson Renewables) will form the JV with Plus Xnergy’s through its wholly-owned subsidiary Plus Xnergy Services Sdn Bhd for the business.
“This follows the collaboration agreement signed in August 2021 when both parties expressed intentions to enter into a business alliance to invest and develop up to 250-megawatt (MW) of PV C&I projects within and beyond Malaysia,” Yinson said in a statement.
“The joint venture will strategically leverage on Yinson’s network, worldwide presence and experience in the energy space, as well as Plus Xnergy’s strength as a leading solar PV system provider and engineering, procurement, construction and commissioning (EPCC) contractor in Malaysia,” it added.
To date, three projects have been successfully secured, providing rooftop solar PV systems to the C&I market, with a total value of RM43mil over the power purchase agreement (PPA) tenure.
These projects are expected to contribute to Yinson Renewables’ growing global pipeline of over 3-gigawatt (GW).
“With the formalisation of the joint venture, we hope to accelerate the implementation of clean energy in the C&I sector, leveraging on our joint strengths.
“This will reduce energy costs for commercial energy users and lends support to the government’s target of ensuring 40% of the country’s energy capacity is made up of renewables energy generation by 2035,” Yinson Renewables chief executive officer David Brunt said.
Source: The Star
