Kumpulan Powernet confident of hitting RM2b target

KUALA LUMPUR: Kumpulan Powernet Bhd (KPower) is confident of achieving its orderbook target of RM2bil by the end of its current financial year ending June 30,2021, underpinned by the large number of projects it is currently bidding for.

Group managing director Mustakim Mat Nun said the outlook for the energy sector within the region is looking bright.

“The Asean region recently increased the renewable energy’s installed capacity target from 25% to 35% by 2025.

“To date, we are bidding for projects worth RM4.21bil. In terms of orderbook, our current secured projects stand at RM1.4bil and the outstanding is RM1.2bil, ” he told reporters during a virtual press conference on Wednesday.

Meanwhile, KPower’s unit has bagged a RM296mil contract to build a mini hydro power plant in Sungai Singor, Perak with a total capacity of 27.3MW.

It said Kumpulan Power Engineering Sdn Bhd had received and accepted the letter of award from Kangsar Hidro Sdn Bhd.

The contract involves the engineering, design, procurement, construction, commissioning and completion of the power plant. The target completion date is within 48 months or Dec 24,2024, whichever is earlier.

Kangsar Hidro is a joint venture entity between Yayasan Perak and Kangsar Capital Sdn Bhd, a unit of OHP Ventures Sdn Bhd, which was established to undertake the development of the Project.

Yayasan Perak and Kangsar Capital own 15% and 85% equity interest in Kangsar Hidro respectively.

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