Scanwolf Corporation Berhad announces renewable energy supply agreement and solar power system purchase option in Malaysia

Scanwolf Corporation Berhad, a leading player in the renewable energy sector, has disclosed significant developments in its related party transactions. The company announced a renewable energy (SARE) supply agreement and option to Scanwolf Plastic Industries Sdn. Bhd. (SPI) acquires solar power generation systems from Armani Energy Sdn. Bhd. (AESB).

Under the supply agreement, SPI, a wholly owned subsidiary of SCANWOLF, has entered into an agreement with Tenaga Nasional Berhad (TNB) and AESB for the procurement of photovoltaic energy produced by the photovoltaic systems. The contract is for a period of 20 years and SPI commits to purchase the net electrical output from the solar PV system. This agreement will make a significant contribution to SPI’s sustainability efforts and is consistent with his SCANWOLF commitment to renewable energy initiatives.

AESB, which designs, installs and operates solar power systems, plans to start supplying SPI immediately. SPI will make monthly solar energy payments to TNB according to the net electricity generated, promoting the use of clean energy and reducing carbon emissions.

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In addition, SPI has been granted the option to purchase solar power systems from AESB. This option underscores SCANWOLF’s strategic vision to give its subsidiaries the opportunity to own renewable energy infrastructure. The determination of the purchase price, detailed in the announcement, reflects a structured and transparent process aimed at maximizing value for all stakeholders involved.

The solar power system, with an installed capacity of 1,064 kWdc, is installed at SPI’s premises in Tronau, Perak. This initiative is not only in line with SCANWOLF’s sustainability goals, but also demonstrates SCANWOLF’s commitment to fostering a green future.

AESB Director Andy Wu Wenkok expressed optimism about the partnership, saying, “We are excited to work with SPI and contribute to Malaysia’s renewable energy landscape.” This initiative highlights our shared commitment to sustainability and innovation. ”

The transaction is subject to regulatory approvals and is expected to close by the fourth quarter of the fiscal year ending June 30, 2024. Scanwolf continues to pursue sustainable energy solutions, positively impacting the environment and creating value for our stakeholders.

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