KBJ, Hanwha form JV for 30-MW solar project in Malaysia - report

Solar panels. Author: Frédéric BISSON. License: Creative Commons, Attribution 2.0 Generic.

June 20 (Renewables Now) - Malaysia’s Konsortium Beseri Jaya Sdn Bhd (KBJ) has teamed up with a  unit of South Korea’s Hanwha group to jointly build a 30-MW solar photovoltaic (PV) park in Malaysia’s Perlis state.

KBJ and Hanwha Energy Corp Singapore Pte Ltd have set up a joint venture (JV), called KBJ Hecmy, that will invest more than MYR 220 million (USD 53m/EUR 46.9m) in the project, Bernama reports. The news agency quoted James Lee, the Hanwha Asia business unit senior vice president, as saying that Hanwha will pour USD 10 million (EUR 8.9m) in cash in the scheme and get USD 50 million in debt from OCBC Bank and Bangkok Bank.

The 30-MW project in the town of Chuping will require an overall investment of about MYR 250 million. A 21-year power purchase agreement (PPA) for the project is already in place and will run from June 2020. According to the report, the implementation of the project, won in a national solar tender, still depends on reaching an agreement with landowners of the selected site.

(MYR 1.0 = USD 0.241/EUR 0.213)

(USD 1.0 = EUR 0.886)

More stories to explore
Share this story
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription