KUALA LUMPUR (Sept 22): Malakoff Corp Bhd is acquiring a 71ha piece of land in Melaka for future renewable energy projects, in line with the group’s target of achieving the capacity to generate 10,000MW of power.
The group said its wholly-owned subsidiary Malakoff R&D Sdn Bhd is buying the land located in Alor Gajah from Eksklusif Pesona Sdn Bhd for RM150 million.
The land is currently cultivated and planted with matured oil palm trees between the ages of 13 and 39 years, and had produced over 710 tonnes of oil palm fruit bunches over the past three years.
“The proposed land acquisition is for the potential future development of renewable energy power plants by Malakoff and its group of companies including but not limited to large scale solar, waste to energy, biomass and biogas power plants,” said the group in a bourse filing.
Barring unforeseen circumstances, Malakoff expects to complete the acquisition by the fourth quarter of 2020.
Following its recent acquisition of Alam Flora Sdn Bhd, Malakoff said it is seeking to further expand its waste management footprint with its venture into renewable energy and aspires to be a leading renewable energy developer in Malaysia.
Malakoff’s share price was unchanged at 99 sen at the midday break, giving a market capitalisation of RM4.95 billion.