KUALA LUMPUR (May 12): Meta Bright Group Bhd (KL:MBRIGHT) has inked a 20-year deal to install a solar photovoltaic (PV) system with a capacity of 43.66 kilowatt-peak (kWp) at a surau (prayer hall) in Pahang.
The property developer and hospitality player, which that has diversified into renewable energy, announced via a Bursa Malaysia filing on Tuesday that its wholly-owned unit FBO Land (Setapak) Sdn Bhd had executed a supply agreement with Tenaga Nasional Berhad (KL:TENAGA) and Surau Perumahan PASDEC II Indera Mahkota to implement the solar PV system at the premises.
Under the agreement, FBO Land will own the solar PV system throughout the 20-year tenure, while TNB will own the solar energy meter. Upon expiry, ownership of both the system and the meter will be transferred to the surau for a nominal RM1. Electricity generated will be sold at a tariff of 40.54 sen per kilowatt-hour.
The agreement stems from a memorandum of understanding signed between Meta Bright and Koperasi Kakitangan Istana Pahang Berhad in May 2023 to explore the installation of solar PV systems on mosque rooftops in Pahang under the Supply Agreement with Renewable Energy (SARE) scheme.
Meta Bright said the project enables the group to expand its footprint in the renewable energy sector, while supporting the state’s sustainability agenda and generating long-term recurring income.
Formerly known as Eastland Equity Bhd, Meta Bright is also involved in property investment, leasing and financing, as well as the supply of building materials and quarry products.
Shares of Meta Bright closed unchanged at 15.5 sen on Tuesday, valuing the group at RM420.66 million. The counter has risen over 29% year to date.
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