Quick take: Minetech jumps 15% on solar business venture


KUALA LUMPUR: Shares in Minetech Resources Bhd jumped 15% in early trade Thursday after registering as a solar photovoltaic (PV) investor (RPVI) with Sustainable Energy Development Authority Malaysia under the Net-Energy Metering 3.0 Programme.

The counter added 15%, or three sen to 23 sen with 86.6 million shares changed hands.

Minetech said as an RPVI, the group is now allowed to sell electricity via the renewable power purchase agreement (REPPA) under the NEM 3.0 programme to government agencies, businesses, and individuals.

The implementation of NEM 3.0 programme was introduced by the Energy and Natural Resources Ministry (KeTSA) offer a quota of 500 megawatts (MW) from 2021 to 2023.

Executive Chairman Datuk Awang Daud Awang Putera said: “Transformation into renewable energy sector will complement Minetech’s business growth in the solar market, this will subsequently diversify our income sources.

“With Malaysia’s Government goals to increase the use of renewable energy to 20% by 2025, we are optimistic that the renewable energy sector has a promising prospect in the long run.”

“We are determined to play a part in supporting the Government’s policy to encourage the growth of green technology in the country and will continue to explore more business opportunities in the renewable energy sector,” he said.

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Minetech , Seda , NEM 3.0 , solar pv

   

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