Tenaga unit to offer solar PV installations for homes by year end

Minister of Energy, Science, Technology, Environment and Climate Change Yeo Bee Yin had on Thursday launched GSPARX and its zero upfront solution.

KUALA LUMPUR: Tenaga Nasional Bhd's reneweable unit plans to offer financing self-generation  packages for solar photovoltaic (PV) panels for residential customers by year end as the demand for green energy climbs.

These packages will be offered by TNB Renewables Sdn Bhd's unit GSPARX Sdn Bhd which has  started offering packages to commercial and industrials customers.

GSPARX was set up to meet the huge demand for financing self-generation for solar PV investment.

It is among the first investment companies in Malaysia to offer zero upfront capital expenditure (capex) solution for the installation of solar PV panels.

What is significant is that its customers do not have to make any upfront payment as GSPARX will bear the cost for purchasing and installing solar PVs. 

GSPARX's customers will benefit from saving and hedging opportunities. Installers will benefit from the unlocking of business potentials of solar PV installation. 

These will lead towards realising the government’s target of RE contributing 20 percent of the country’s generation capacity by 2025.

GSPARX targets to offer 1,500MW of self-generation for solar PV investment by 2025. 

Its revenue stream comes from the sale of energy generated by the solar PV and utilised by the customers at a price agreed by both parties on a willing buyer and willing seller basis.

Minister of Energy, Science, Technology, Environment and Climate Change Yeo Bee Yin had on Thursday launched GSPARX and its zero upfron solution.

The launch was on the second day of the three-day International Greentech and Eco Products Exhibition and Conference Malaysia (IGEM 2018) at Kuala Lumpur Convention Center (KLCC) here.

Also present at the launch was the chief ventures officer of Tenaga Datuk Nor Azman Mufti.