Risda subsidiary accepts offer from Meta Bright on renewable energy supply

KUALA LUMPUR (March 14): Meta Bright Group Bhd (MBGB), formerly known as Eastland Equity Bhd, had announced that Sinergi Perdana Sdn Bhd (SPSB) had accepted its offer letter through its wholly owned subsidiary FBO Land (Setapak) Sdn Bhd on March 8 to participate in the Solar PV Zero Capex Program.

The programme included a supply agreement on renewable energy for 21 years with a capacity of 300 kWp, which will be finalised based on the technical study and final calibration result by Tenaga Nasional Bhd (TNB).

The site pertaining to the programme was in Kawasan Perindustrian Bandar Sultan Sulaimen, Pelabuhan Klang, said the group in a Bursa Malaysia filing on Tuesday (March 14).

Among others, FBO was responsible for the development, design, finance, installation, construction, commission, operation and maintenance of the solar photovoltaic generating plants at its own cost on site.

Sinergi Perdana — a wholly owned company by the Rubber Industry Smallholders Development Authority (Risda) — shall provide access to the site to TNB and FBO for the purpose of carrying out a technical study.

"Barring any unforeseen circumstances, the Solar PV Zero Capex Program is expected to contribute positively towards the future earnings of the company and its subsidiaries (MBGB Group) for the duration of the Solar PV Zero Capex Program," said the group.

The Solar PV Zero Capex Program will not have any effect on the share capital and substantial shareholders’ shareholdings of the company, it added.

Currently, the total combined contract value of the solar projects for MBGB, and taking into account the solar programme acceptance by SPSB, stands at RM13.5 million.

In a statement, MBGB’s executive director Derek Phang said: “The acceptance of our Solar PV Zero Capex Program demonstrates the trust emplaced by SPSB in our ability to unlock the benefits of renewable energy for the organisation in a mutual and sustainably beneficial manner.

“We are confidently optimistic on expanding participation in our Program with other Malaysian enterprises as we demonstrate our ability to deliver on this trust not just to SPSB, but to all potentially interested parties interested in the adoption of solar with its positive impact on the bottom line as well as a part of sound ESG practices.”

MBGB’s share price closed unchanged at 16.5 sen, and its market capitalisation was RM374.86 million.