January 2 (Renewables Now) - Spanish developer Solarpack Corporacion Tecnologica SA (BME:SPK) has secured a power purchase agreement (PPA) for the output of the 116-MW Suria Sungai Petani solar park project it is working on in Malaysia.
The deal to sell electricity for MYR 231.8 (USD 56.7/EUR 50.6) per MWh was awarded to Solarpack in a competitive tender launched by the Malaysian energy commission Suruhanjaya Tenaga (ST) in February 2019. According to ST’s request for proposal, the solar park will be connected to the grid and sell power to Malaysian utility Tenaga Nasional Bhd (KLSE:TENAGA).
In a statement on Thursday, the solar park developer said it will sign the 21-year PPA in the coming weeks. The Suria Sungai Petani project has to be commissioned before December 31, 2021.
Solarpack expects the new solar park to generate revenues above MYR 800 million for the duration of the PPA. The facility, located in the Malaysian state of Kedah, will produce an estimated 180 GWh per year.
The Spanish company said it had arrived in Malaysia in 2016 and started developing a portfolio of projects for the purpose of participating in local tenders. Last August, it presented the bid for Suria Sungai Petani, which eventually became one of the round’s five winners, according to Solarpack.
(MYR 1.0 = USD 0.24/EUR 0.22)