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G Capital Berhad (GCAP) has announced the successful commissioning of a 2,000 kWp solar photovoltaic (PV) system through its 70%-owned subsidiary, Solarcity Malaysia Sdn Bhd. The system was installed under a Supplemental Power Purchase Agreement (PPA) with Chin Herr Industries (M) Sdn. Bhd., a subsidiary of Chin Well Holdings Berhad.
Solarcity Malaysia Sdn Bhd completed the installation and commenced operations of the solar PV system on 2 July 2024. The installation was part of the PPA dated 9 May 2022 and the Supplemental PPA dated 26 January 2024. The solar PV system is located at Chin Herr’s premises in Bukit Tengah Industrial Estate, Penang, Malaysia.
Chin Herr Industries, a private limited company based in Penang, specializes in manufacturing precision galvanized wire, annealing wire, bright wire, hard drawn wire, PVC wire, bent round bar, and grill mesh. It is a wholly-owned subsidiary of Chin Well Holdings Berhad, which is listed on Bursa Malaysia Securities Berhad.
The new solar PV system is expected to generate revenue and earnings for GCAP over a 25-year period starting from the commercial operation date of 2 July 2024. The PPA’s terms ensure a stable contribution to the group’s revenue without significantly impacting the earnings and net assets for the financial year ending 31 December 2024. |
