Bina Puri to develop two hydropower sites with Sabah government

PETALING JAYA: Bina Puri Holdings Bhd is partnering with the Sabah government to develop two small hydropower sites with an expected capacity of 5MW and 3.5 MW respectively.
Bina Puri told Bursa Malaysia that its wholly owned subsidiary BP Energy Sdn Bhd had on March 29 entered into a memorandum of understanding (MOU) with Warisan Harta Sabah Sdn Bhd (WHSSB), an investment fund of the Sabah government for the hydropower development in Tuaran and Kota Belud.
WHSSB has been granted consent in principle by the State Economic Planning Unit vide letter dated March 20, 2017 to develop small hydropower projects at a few locations.
The MOU is valid for a period of six months.
Bina Puri noted that the collaboration with WHSSB will give BP Energy an advantageous platform to venture into the development of hydropower plants in Sabah.
The group expects positive contribution to its earnings in the future should the projects be finalised and implemented.
At 12.30pm, Bina Puri's share price fell 1 sen or 3.1% to 31.5 sen, with some 20,300 shares changing hands.