KUALA LUMPUR (Jan 8): Malakoff Corp Bhd is partnering Touch Group Holdings Sdn Bhd on the possible collaboration to develop several renewable energy projects in the state of Pahang.
Malakoff inked a memorandum of understanding (MoU) with Touch Group’s unit Touch Meccanica Sdn Bhd here at Hotel Istana today for the collaboration, particularly in the large-scale photovoltaic (PV) and mini hydro power projects in Pahang.
Part of the MoU entails Malakoff conducting a feasibility study for the purpose of ascertaining the technical and commercial viability of the projects, said Malakoff chief executive officer Datuk Ahmad Fuaad.
“This MoU will serve as a platform to exchange knowledge and expertise that will be of invaluable benefit to both companies. It also shows Malakoff’s commitment to expand renewable energy in the generation portfolio.
“Currently, Malakoff owns 50% stake in MacArthur Wind Farm in Victoria, Australia, with an effective generation capacity of 210MW,” Ahmad Fuaad said.
Malakoff is the second to collaborate on renewable energy with Touch Meccanica, who has landbanks and state-approved locations for the development of renewable energy along Sungai Pahang and in Gambang.
In August 2016, Touch Meccanica and London Stock Exchange-listed company Green &Smart Holdings Plc formed a 45% to 55% joint venture to develop a 30 megawatt (MW) mini hydro power project in Marian, Pahang for RM350 million.
At noon break today, shares of Malakoff rose 5.5 sen or 5.82% at RM1, giving it a market capitalisation of just under RM5 billion.
[ Source: Article Title by Adam Aziz / theedgemarkets.com ]
