Sunview Group Berhad has entered into a conditional agreement to acquire a 50-megawatt alternating current (MWac) large-scale solar photovoltaic power generation plant in Pekan, Pahang, for RM70 million in cash.
The proposed acquisition will be undertaken by SAM 2 Sdn Bhd, an indirect wholly-owned subsidiary of Sunview, which has signed a sale and purchase agreement with PKNP Reneuco Suria Sdn Bhd, a subsidiary of Practice Note 17 (PN17) issuer Reneuco Berhad that is currently under receivership.
The solar plant, developed under the Large Scale Solar 4 (LSS4) programme, is situated on two parcels of 99-year leasehold land measuring approximately 230.5 acres and is estimated to be about 79% completed. Upon completion of the acquisition, SAM 2 will become the registered owner of the solar facility and subsequently enter into a lease arrangement with the landowner, Perbadanan Kemajuan Negeri Pahang (PKNP).
The RM70 million purchase price will be funded through a combination of bank borrowings, internally generated funds and/or future fundraising exercises.
The solar project was initially awarded to Reneuco and PKNP following a bidding exercise conducted by the Energy Commission in March 2021. A 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad was signed in August 2021, with the scheduled commercial operation date initially set for September 2023 and later extended to December 2023. However, construction works were halted due to PKNP Reneuco’s financial difficulties, which ultimately led to the appointment of receivers and managers in June 2025.
Sunview had previously been appointed as the engineering, procurement, construction and commissioning (EPCC) contractor for the project in July 2023 under a RM179.5 million contract and had achieved progressive completion as at April 2025. The project stalled following Reneuco’s PN17 classification, which constrained funding.
According to Sunview, the acquisition will allow the group to take ownership of the project, revive construction works and bring the solar plant to commercial operation. The board views the transaction as a strategic investment aligned with Sunview’s core expertise in large-scale solar projects, design optimisation and execution capabilities.
Sunview emerged as the successful bidder for the solar plant through a tender exercise concluded on Nov 28, 2025, underscoring its commitment to growth in Malaysia’s renewable energy sector.
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