Mudajaya unit wins small hydro project bid in Pahang

Mudajaya unit wins small hydro project bid in Pahang
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KUALA LUMPUR (Dec 31): Mudajaya Group Bhd said its 76%-owned indirect subsidiary Bera Hydropower Sdn Bhd has been selected as one of the successful bidders in a competitive Feed-in Tariff e-bidding small hydro tender exercise by the government.

It said Bera Hydropower will enter into a renewable energy power purchase agreement with Tenaga Nasional Bhd for the project located in Pahang at the installed capacity and tariff rate of 30MW and 29 sen per kWh respectively for a period of 21 years.

In a filing with Bursa Malaysia, Mudajaya said the project is not expected to have any material impact on the group's earnings and net assets for the financial year ending Dec 31, 2020 (FY20) and FY21, but is expected to contribute positively to its future earnings.

The group said none of its directors or major shareholders have any direct or indirect interest in the project.

Shares of Mudajaya closed half a sen or 1.52% lower at 32.5 sen today, valuing the group at RM210.88 million. Some 8.3 million shares were traded.

S Kanagaraju