MPay to finance Coral Power’s solar power plant


MPay’s financing offer is subject to Coral Power meeting the condition precedents and MPay successfully raising the Green Energy Fund via MAS Singapore-registered Passion Venture Capital, as announced on Sept 1.

KUALA LUMPUR: Managepay Resources Sdn Bhd, a wholly owned unit of ManagePay Systems Bhd (MPay), will finance a large-scale solar photovoltaic (PV) plant with a 9.99MW capacity in Manjung, Perak.

It has received a signed acceptance to the letter of offer issued to Coral Power Sdn Bhd for the financing.

Minetech Resources Bhd’s 70%-owned subsidiary Coral Power Sdn Bhd bagged the contract to build the LSS2 plant for a period of 21 years in 2018.

MPay’s financing offer is subject to Coral Power meeting the condition precedents and MPay successfully raising the Green Energy Fund via MAS Singapore-registered Passion Venture Capital, as announced on Sept 1.

Structured with an 18-month guaranteed bridging loan, the financing will convert into a full eight-year term loan thereafter. In a statement, MPay’s managing director Datuk Chew Chee Seng said the financing offer was an opportunity for the company to tap into the growing prospects of the renewable energy sector.

It came after an announcement of a partnership with Passion Venture Capital to raise Green Energy Fund from international investors for the RE market in Malaysia.Coral Power managing director Jot Seng Keong said: “MPay’s financing offer has come at the most ideal time.

“We are confident that with MPay’s funding, our project will move smoothly from here onwards.”

The Minetech Resources Bhd’s plant is MPay’s first success in many solar plant financing prospects in the pipeline for MPay’s Green Energy fund, which is aligned with the government’s National Renewable Energy Policy target to achieve 20% electricity generation from renewable energy sources by 2025.

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