KUALA LUMPUR (April 25): Protasco Bhd said an associate company will develop a 6.8 MWac large scale solar photovoltaic plant in Alor Gajah, Melaka.
I2 Solarpark One Sdn Bhd, in which Protasco has a 44% stake through its wholly-owned subsidiary Ikram Greentech Sdn Bhd, received the letter of award for the project from the Energy Commission of Malaysia.
Consequent to the award of the project, I2 Solarpark has signed a 21-year power purchase agreement with Tenaga Nasional Bhd, Protasco said in a filing with Bursa Malaysia.
“The project is valued at approximately RM92 million and is expected to contribute positively to the future earnings of the Protasco group,” it said.
The plant is expected to commence operations by December 2020, the filing added.
Protasco’s share price closed unchanged at 77 sen today for a market capitalisation of RM381.08 million.