Friday 29 Mar 2024
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KUALA LUMPUR (Oct 10): Cypark Resources Bhd has partnered with three parties to jointly develop renewable energy projects, consisting of two solar photovoltaic and another waste-to-energy (WTE) projects.

In the first MoU, Cypark Resources is partnering with Negeri Sembilan Corporation, to jointly develop 50MW solar photovoltaic projects in Negeri Sembilan, under the Net Energy Metering Scheme, with the adoption, execution and implementation of supply agreement renewable energy (SARE).

The MoU will be effective for two years and may be extended for a further period as may be agreed by both parties.

Cypark Resources’ second MoU is with Menteri Besar Kedah Incorporated (MBI Kedah) to jointly develop a 100MW solar photovoltaic projects in Kedah. The MoU is effective for one year and may be extended for a further period as agreed.

Its third MoU is a collaboration with Petronas Chemicals Group Bhd for the development of solid waste modular advanced recovery and treatment (SMART) waste-to-energy (WTE) projects in Malaysia.

Under the MoU, both Cypark Resources and Petronas Chemicals will evaluate potential collaboration on WTE projects, including establishment of WTE plants, and exploring joint solutions for plastic pollution in Malaysia.

“The MoU comes into effect on Oct 10, 2019 and will remain effective for a period of five years,” Cypark Resources said.

The collaboration is driven by the Malaysian Government’s objective of having at least one WTE facility in each State.

“The MoU aims to establish our collaboration in WTE projects, particularly in setting up plants in Malaysia to process municipal waste for electricity generation. We are able to leverage on each other’s knowledge, experience and capabilities while identifying and exploring commercial opportunities in relation to the provision of solid waste management,” executive chairman of Cypark Resources Tan Sri Razali Ismail said in a separate statement.

Commenting on the partnership, Petronas Chemicals managing director and chief executive officer Datuk Sazali Hamzah said: “This MoU marks our second partnership in realising our aspiration to be a solutions partner in addressing plastics pollution in Malaysia. Earlier in June, we entered into a partnership to jointly perform a feasibility study to establish a facility that converts plastic waste into crude naphtha for the production of recycled virgin-quality plastics. “

Cypark had pioneered Malaysia’s first SMART WTE plant in Ladang Tanah Merah, Port Dickson, Negeri Sembilan.

Cypark Resources closed unchanged at RM1.28, for a market capitalisation of RM598.33 million. The counter saw some 314,700 shares traded.

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