Cypark inks three MoUs to expand RE business

  • Energy
  • Thursday, 10 Oct 2019

KUALA LUMPUR: Cypark Resources Bhd is expanding its renewable energy business with plans to develop rooftop solar projects in Kedah and Negeri Sembilan, as well a potential waste-to-energy collaboration with PETRONAS CHEMICALS GROUP BHD.

The announcements were made in separate filings with Bursa Malaysia today.

In Kedah, Cypark has entered in memorandum of understanding (MoU) with Menteri Besar Kedah Inc to jointly develop 100MW solar photovoltaic projects under the net energy metering (NEM) scheme .

Part of the MoU is to jointly identify potential premises within the state for the solar project.

Cypark has also signed a similar MoU with state-owned NS Corp for the development of 50MW solar photovoltaic projects under the NEM scheme in Negeri Sembilan.

Meanwhile, Cypark said it has also entered into a preliminary agreement with Petronas Chemicals to evaluate and explore the possibility of setting up waste-to-energy plants.

“The MoU aims to establish our collaboration in waste-to-energy projects, particularly in setting up plants in Malaysia to process municipal waste for electricity generation," Cypark's executive chairman Tan Sri Razali Ismail said in a statement.

For Petronas Chemicals, this is their second partnership
to address plastics pollution in Malaysia. Earlier in June, the company entered into a partnership to jointly perform a feasibility study to establish a facility that converts plastic waste into crude naphtha for the production of recycled virgin-quality plastics.

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