Yinson secures RM1.5bil Indian solar plant project


In a filing with Bursa Malaysia, the floating, production, storage and offloading service provider said Rising Sun Energy (K) Pvt Ltd, (RSEK), an indirect 80% owned subsidiary of the company, has accepted a letter of award (LoA) for the plant job from India-based NTPC Ltd.

PETALING JAYA: Yinson Holdings Bhd has won a contract worth RM1.5bil to develop a 190 megawatt (MW) grid-connected solar photovoltaic power plant in Rajasthan, India.

In a filing with Bursa Malaysia, the floating, production, storage and offloading service provider said Rising Sun Energy (K) Pvt Ltd, (RSEK), an indirect 80% owned subsidiary of the company, has accepted a letter of award (LoA) for the plant job from India-based NTPC Ltd.

“Following the LoA, RSEK will enter into a power purchase agreement (PPA) to supply 25 years of solar power generated electricity to NTPC.

“Any extension of the PPA period beyond 25 years shall be through mutual agreement between NTPC and RSEK.

“The LoA represents a formal agreement and constitutes a binding document between the parties pending the execution of the PPA.

“The PPA is expected to be executed after certain process formalities have been completed between the parties, ” said Yinson.

Yinson pointed out that the contract would not have any effect on the share capital and shareholding structure of the company.“The contract, however, is expected to contribute positively to the earnings and net assets per share of the Yinson group of companies, ” it said.

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