Kuala Lumpur, 22nd March 2024 – Meta Bright Group Berhad (“MBGB”) is proud to announce that Commercial Operation Date (“COD”) has been achieved on the 21st March 2024 for its solar project under the Solar PV Zero Capex Program for Sinergi Perdana Sdn Bhd (“SPSB”), a company owned by the Rubber Industry Smallholders Development Authority (“RISDA”) under the Ministry of Rural and Regional Development.
The solar project, developed by MBGB's wholly-owned subsidiary FBO Land (Setapak) Sdn. Bhd. (“FBO”), has a capacity of up to 401.76 kWp. This initiative is part of a 21-year renewable energy supply agreement, offering SPSB a 20% discount to the prevailing Tenaga Nasional Berhad (“TNB”) tariff rates, equipped with Imbalance Cost Pass-Through (“ICPT”). This project is estimated to mitigate approximately 380.81 tonnes of CO2 emissions annually, thus contributing significantly to environmental sustainability by reducing carbon footprints, combating climate change and promoting cleaner energy alternatives.
In addition to the successful installation of the Sinergi Perdana project, MBGB is actively pursuing new opportunities in the renewable energy sector. The company is currently exploring projects in the Commercial & Industry (“C&I”) segment worth approximately RM34.7 million.
MBGB is proud to report that the total value of projects that have completed installation stands at approximately RM3.55 million. Additionally, the company hasprojects currently in progress valued at around RM11.89 million,.
The commercial operation of this project is expected to provide MBGB with sustainable earnings income, contributing positively to the group's long-term financial stability. Furthermore, the project is projected to mitigate a significant amount of CO2 emissions, reinforcing the company's dedication to clean energy and a greener, sustainable future.
Mr Derek Phang Kiew Lim, Executive Director of Corporate & Strategic Planning at Meta Bright stated, "The successful completion of installation for the solar project with Sinergi Perdana marks a significant milestone in our journey towards sustainability. This project not only exemplifies our commitment to renewable energy but also aligns with the Malaysian government's initiatives to promote clean energy solutions. We are excited about the positive impact this project will have on our earnings and the environment."
The solar program's acceptance by SPSB is a testament to the trust placed in MBGB's ability to deliver renewable energy solutions that are mutually beneficial and sustainable. The company is optimistic about expanding participation in its Solar PV Zero Capex Program with other Malaysian enterprises, demonstrating its capability to contribute to sound Environmental, Social, and Governance (“ESG”) practices.