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KUALA LUMPUR: Egg producer Teo Seng Capital Bhd has set aside a capital expenditure of RM13 million for the installation of a solar photovoltaic (PV) system across its chicken farms and factories in Johor.

Teo Seng said it has signed a memorandum of understanding with solar PV specialist Solarvest Holdings Bhd for the installation.

Managing director Nam Hiok Joo said the renewable energy generated from the PV system will be used for the daily operations of Teo Seng’s facilities and it is expected to bring double-digit percentage of savings to the company’s electricity costs.

This project will be implemented in phases and is expected to be completed by March 2021, he said in a statement.

“At Teo Seng, we embarked on our first renewable energy project by working with Solarvest to install solar PV panels on the rooftops of our feed mill in Yong Peng, Johor.

“Having commenced operations since June 2019, the solar PV panels have proven to be successful at bringing down our electricity costs and meeting our environmental goals.” he added.

Solarvest group chief executive officer Davis Chong said it is indeed an opportune time for businesses in Malaysia to install solar PV panels as they are able to benefit from the various government incentives such as the Green Investment Tax Allowance, which have been extended until 2023.

“Furthermore, it is also getting easier for businesses to obtain bank loans for solar PV installations as financial institutions are putting more emphasis on supporting the renewable energy industry,” he added.