KUALA LUMPUR (Sept 14): NuEnergy Holdings Bhd (KL:NHB) said it is investing in solar photovoltaic (PV) facilities worth RM48.8 million across 49 rooftop sites at the premises of a government agency.
In its bourse filing on Monday, NuEnergy said its wholly-owned unit, IL Energy Sdn Bhd, will acquire and retain ownership of the solar PV systems, which will form part of the renewable energy group’s portfolio of owned renewable energy assets.
The development of the facilities with an aggregate capacity of 21 megawatt-peak (MWp) will be undertaken by the subsidiary of the government agency as the main engineering, procurement, construction and commissioning (EPCC) contractor.
Meanwhile, another wholly-owned unit of the group, Armani Sinar Sdn Bhd (ASSB), will serve as a strategic partner, providing engineering design support and establishing the technical standards for the execution of the works.
NuEnergy said the facilities are targeted to be completed by the second quarter of 2027.
It added that the investment will be funded through internally generated funds and borrowings, and is expected to contribute recurring energy income and increase the net assets of the group upon completion.
NuEnergy said the project extends the group’s commercial and industrial renewable energy activities beyond conventional industrial and manufacturing facilities into public-sector premises.
It provides the group with “a reference and track record in the public-sector segment which may support the group in pursuing similar solarisation programmes involving government facilities and other public infrastructure”.
Shares of NuEnergy closed unchanged at RM1.14 on Monday, giving the group a market capitalisation of RM222.33 million.
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