PETALING JAYA: Malakoff Corporation Bhd has fulfilled all conditions precedent under the share sale and purchase agreement (SSPA) for the acquisition of 22,393,389 ordinary shares, representing a 51% equity interest, in Zec Solar Sdn Bhd, and 49,000 ordinary shares, representing a 49% equity interest, in TJZ Suria Sdn Bhd.
The completion of the acquisition provides a bigger opportunity for Malakoff to become one of the key players in the country’s growing renewable energy (RE) sector, and is expected to immediately increase its effective capacity to 159MW in the RE sector and optimise operational costs through resource synergies, resulting in economies of scale, the company said in a statement.
Zec Solar is the owner and developer of a large-scale solar (LSS) facility with a capacity of 29 MWac in Kota Tinggi, Johor under the country’s LSS programme with a 21-year solar power purchase agreement (SPPA) effective until 2040.
Zec Solar won the project through the first round of LSS competitive tendering issued by the Energy Commission (EC).
Malakoff managing director and group CEO Anwar Syahrin Abdul Ajib said: “This expansion will significantly enhance Malakoff’s technical capabilities, bringing the total of Malakoff’s installed RE capacity to 159MW. It also provides a reference plant to meet the requirements of future LSS bidding exercises, both domestically and internationally.”
He added that Malakoff has also ventured into a hydropower project via the RP Hydro (Kelantan) Sungai Galas Project, with a capacity of 84MW.
Additionally, the company secured SPPAs with major industry players such as DRB-Hicom Group, UMW Group, Railway Assets Corporation, and Keretapi Tanah Melayu Bhd.
“There is an undeniable sense of momentum at Malakoff as we accelerate the country’s energy transition. It is a testament to our commitment towards contributing to the nation’s target of achieving net zero emissions as early as 2050 and increasing RE capacity to 70% within the same period, fostering a greener future,” said Anwar Syahrin.
To date, through its newly established business pillar Malakoff Green Solutions, the group’s RE portfolio stands at 159MW ranging from the implementation of LSS and rooftop solar projects to small hydropower generation as well as the installation of carbon-free mobility infrastructure.
