JAKS signs MoU with ZC Energy from Germany

PETALING JAYA: JAKS Resources Berhad, a construction and power utilities company specialising in water and other infrastructure projects and energy development, today announced that its wholly-owned subsidiary, JAKS Power Sdn Bhd (JAKS Power) has entered into a Memorandum of Understanding (MoU) with Zero Carbon Energy Europe GmbH (ZC Energy) to participate in a solar photovoltaic project with an installed capacity of 63.3 MW, located around Grosseto and Firenzuola in Tuscany, Italy.

Under the MoU, JAKS Power is granted an exclusivity period of 3 months from the date of the MOU to conduct its due diligence exercise, and subsequently sign a Definitive Project Investment Agreement with ZC Energy.

Incorporated in Germany, ZC Energy is principally involved in developing and investing in renewable energy, trading in renewable energy products and operating and managing photovoltaic systems, wind turbines, hydrogen systems and storage systems. Through its’ sister companies, BaySolar AG and Bay Energy Group had completed multiple solar photovoltaic projects across Europe.

JAKS CEO Andy Ang Lam Poah said, “The growing global awareness surrounding renewable energy usage has prompted us to extend our renewable energy business beyond the Malaysian market. Expanding into Italy's renewable energy industry holds immense promise, given the Italian government's strong commitment to promoting renewable energy usage. Between 2005 and 2021, the electricity generation from renewable sources more than doubled. It accounted for 40.5% of the total electricity generation in 2021. The government is aiming to generate nearly 65% of its electricity from renewable energy sources by 2030. The collaboration with ZC Energy will not only facilitate our initial foray into Europe but also underlines our commitment to expand our asset portfolio, particularly in the renewable energy sector.”

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