KUALA LUMPUR (Dec 4): Cypark Resources Bhd announced this evening the receipt of a Letter of Acceptance of Offer from the Energy Commission (EC), for the development of its 30 MWac solar plant in Negeri Sembilan.
In a filing with the stock exchange, Cypark Resources said its wholly-owned Cypark Renewable Energy Sdn Bhd (CRE) had received the letter on Nov 28, after a competitive bid process conducted by the EC.
The group will participate in the development of a large-scale solar photovoltaic (LSSPV) plant of 30 MWac situated at Empangan Terip, Negeri Sembilan through a consortium comprising CRE and Revenue Vantage Sdn Bhd.
The consortium will be required to fulfill conditions as set out in the letter, before the EC issues the formal Letter of Award for the project, it added.
According to the bourse filing, the project is expected to contribute positively to earnings of the group not earlier than its financial year ending Oct 31, 2018.
“With the expected completion of the LSSPV, the CRB group will significantly increase its renewable energy capacity,” read the filing.
At closing bell on Bursa today, Cypark Resources’ shares dropped one sen at RM2.58, valuing the company at RM673.92 million.