Malakoff invests RM2.5bil to develop 500MW solar projects within five years

KUALA LUMPUR: Malakoff Corporation Bhd is expected to invest around RM2.5 billion to develop 500 MW of solar projects within the Albukhary Group of Companies over five years.

The diversified business group comprises the MMC Group, DRB-Hicom Bhd and Tradewinds Plantation Bhd, among others.

Pursuant to the above, Malakoff and MMC Ports have entered into a memorandum of understanding (MoU) to undertake business exploration in various green power initiatives with investments worth RM350 million.

This includes, but is not limited to any solar power programme under the government’s initiative such as the Corporate Green Power Programme (CGPP), Self-Consumption (SelCo), cold ironing or shore-to-ship power supply, installation of electric vehicle charging stations and others.

Malakoff managing director/chief executive officer Anwar Syahrin Abdul Ajib said Malakoff and MMC Ports, namely Northport (Malaysia) Bhd, Johor Port Bhd, Tanjung Pelepas Sdn Bhd and Penang Port Sdn Bhd are set to embark on a transformative partnership within the CGPP.

Malakoff will assume the role of a solar power producer and MMC Ports as corporate consumers, he said.

“This strategic collaboration paves the way for MMC Ports to tap into renewable energy (RE) through solar power,” he told reporters after Malakoff-MMC Group MoU.

Anwar Syahrin said under the SelCo rooftop solar programme, Malakoff will serve as the developer for end-user MMC Ports, while Malakoff will manage the installation, operation and maintenance of the solar photovoltaic (PV) system.

He also said that in line with the government’s aim to achieve a 70 per cent RE capacity mix by 2050, Malakoff and MMC Ports are actively exploring opportunities to collaborate within the large-scale solar (LSS) programme.

“They are considering the implementation of cold ironing or shore-to-ship power supply solutions. Cold ironing or shore-to-ship power supply is the process of providing electricity to the ship at berth, during which, the engines are shut down, significantly reducing greenhouse gas emissions and air pollution,” he said.

Anwar Syahrin said the strategic collaboration represents the company’s ambition and commitment to tackling global environmental issues by expanding the existing RE portfolio and exploring different areas of green initiatives via comprehensive and innovative solutions.

To date, Malakoff’s achievements encompass 67 MW of total solar installed capacity through LSS and rooftop solar, and a promising 84 MW of hydropower capacity that is steadily progressing towards completion.

The readily available landbank in Perak and Melaka which are located close to the grid lines serves as evidence of the company’s capacity, which would subsequently enable potential off-takers, especially within the Albukhary Group, to develop solar projects.

Anwar Syahrin said the company is also exploring energy exports to neighbouring countries such as Singapore.

“As Malakoff strives to be the leading global energy generation and environmental solutions player, we have set an ambitious target which demonstrates our unwavering dedication to sustainability,” he said.

The company aims to reach an RE capacity of 1,400 MW by 2031 and achieve a 15 per cent to 20 per cent recycling rate by 2025 from waste collected by wholly owned subsidiary, Alam Flora Sdn Bhd.

In pursuit of a cleaner and greener world, the MoU is part of Malakoff’s commitment towards UN Sustainable Development Goal No. 7 – Affordable and Clean Energy – which focuses on ensuring access to affordable, reliable and sustainable energy for all. – BK