Malaysian IPP expands solar portfolio with new acquisitions – pv International magazine

Malakoff Corporation Berhad, a Kuala Lumpur-based energy company, has signed a conditional share sale and purchase agreement with Malaysian engineering firm Zelleco Engineering to acquire the two companies.

Under the terms of the agreement, Malakoff will acquire more than 22.3 million common shares of developer ZEC Solar, representing 51% of its total equity capital. It will also purchase 49,000 ordinary shares of TJZ Suria, representing 49% of its share capital. Malaysian media reports indicate that the deal may be worth MYR 27 million ($5.76 million).

Malakoff CEO and Managing Director Encik Anwar Syahrin Abdul Ajib said the acquisition will add an additional 15 MW of solar capacity to the company’s portfolio, bringing its total installed renewable energy capacity to 168 MW.

ZEC Solar owns and operates a 29 MW solar power plant in Kota Tinggi in southern Malaysia, with a 21-year power purchase agreement running until 2040.

“This expansion will significantly enhance Malakoff’s technical capabilities and ensure reference that will meet the requirements of future large-scale solar power tenders, both domestically and abroad,” Ajib said. “This is testament to our commitment to our national target of achieving net zero emissions as early as 2050 and increasing our renewable energy capacity to 70% over the same period, supporting a greener future.”

In October 2023, Malakoff signed an agreement with MMC Group to supply 500 MW of solar power in Malaysia. According to data from the International Renewable Energy Agency (IRENA), the total capacity of photovoltaic installations in the country at the end of 2023 was 1,933 MW.