KUALA LUMPUR (June 28): Cypark Resources Bhd said it has been appointed by International Islamic University Malaysia (IIUM) to construct and operate its solar photovoltaic (PV) system.

"This will be the largest solar photovoltaic system ever built for an educational institution in Malaysia at 6.25MWp, paired with innovative technology whereby the solar panels are not only built on rooftops but also on carpark and pedestrian walkway," said Cypark.

The project is under net energy metering scheme 3.0, the group said, adding: "In consideration for the works performed by Cypark, IIUM agrees to receive and purchase the net electrical output at a pre-agreed rate for a period of 21 years."

The stipulated completion date of the project is June 17, 2023, said Cypark.

Cypark's share price settled two sen or 2.15% lower at 91 sen, for a market capitalisation of RM447.23 million.