Thursday 28 Mar 2024
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KUALA LUMPUR (March 2): AT Systematization Bhd announced that it has obtained a 21-year concession from Sustainable Energy Development Authority (SEDA) to supply 300 kilowatts (kW) of renewable energy worth RM7 million to Tenaga Nasional Bhd.

In a filing with Bursa Malaysia, AT Systematization said its wholly-owned subsidiary AT Precision Tooling Sdn Bhd (ATP) had on March 1 secured the quota to construct a solar building-integrated photovoltaics plant under the feed-in tariff programme from SEDA.

AT Systematization said ATP is expected to sign a renewable power purchase agreement with Tenaga for the sale and delivery of renewable energy in the concession period.

"SEDA has set a fixed rate-tariff of 59.3 sen per kWh and additional bonus rate-tariff ranging from five sen per kWh to 15.5 sen per kWh at which ATP can sell electricity to Tenaga during the concession period," the filing read.

AT Systematization said ATP intends to construct a 300kW solar power plant on its existing factory located at Bayan Lepas, Penang, by December this year.

The construction of solar power plant is expected to be funded by bank borrowings, internally generated funds or funds to be raised from corporate exercises.

At this juncture, AT Systematization said it is unable to determine the exact quantum of funds required and breakdown of the funding.

Shares of AT Systematization rose half sen or 6.67% to close at eight sen today, valuing the industrial automation solutions provider at RM32.48 million.

 

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