Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (March 28): Scomi Group Bhd shares surged 13.89% in active trade this morning after it inked a power purchase agreement (PPA) with Tenaga Nasional Bhd (TNB) to develop a 30MWac large-scale solar photovoltaic power plant in Bandar Sungai Petani, Kedah, on a build-own-operate basis.

At 9.32am, Scomi rose 2.5 sen to 20.5 sen with 47.78 million shares traded.

Construction of the power plant will be undertaken by Scomi's 30%-owned special purpose vehicle Strong Elegance Sdn Bhd. The remaining equity interest in Strong Elegance is held by Synergy Generated Sdn Bhd (40%) and Lembaga Tabung Angkata Tentera (30%).

"The PPA, which has an expected commercial operation date of Dec 31, 2018, governs the sale and purchase obligations of the energy generated by the project between Strong Elegance and TNB for a period of 21 years from the commercial operation date in accordance with the agreed terms and conditions," Scomi said.

 

      Print
      Text Size
      Share