Solar Management secures RM247mil financing for solar project

Solar Management (Seremban) Sdn Bhd has secured RM247mil in financing for its first large-scale solar farm project in Malaysia.

“We are the second company to secure financing for the 50MW solar farm project in the country,” said director Tee Cheng Hua at a press conference yesterday.

The company has signed an agreement with Malaysia Building Society Bhd (MBSB) for the project financing of the solar farm.

The 50MW solar plant would cost about RM285mil, of which MBSB will provide funding of up to RM247mil with the remaining being internally generated by Solar Management.

Solar Management was one of the seven successful bidders chosen by the Energy Commission for the large-scale solar farm project.

Tee said the project would be located in Rembau, Negri Sembilan, spanning over 200 acres.

“The project is expected to be completed by November next year,” he said.

The solar farm has secured a 21-year solar power purchase agreement with Tenaga Nasional Bhd.

MBSB president and chief executive Datuk Seri Ahmad Zaini Othman said funding for the plant marked MBSB’s maiden venture into solar power project financing.

“This is the first solar power project that we will finance. This project is set to become one of the largest solar projects in Malaysia and we are honoured to be part of it,” Ahmad Zaini said.

Mattan Engineering Sdn Bhd has been appointed as the turnkey engineering, procurement, construction and commissioning contractor for the 50MW solar farm project.

Mattan will be working with China Machinery Engineering Corp (CMEC) to supply material and equipment for the solar farm.

“We are glad to have CMEC, which is part of China’s Fortune Global 500 company China National Machinery Industry Corp, on board,” said Mattan executive chairman Levin Tan.

Source: The Star