KAB grows solar PV portfolio

KUALA LUMPUR: Kinergy Advancement Bhd's (KAB) wholly-owned subsidiary KAB Energy Holdings Bhd has has further expanded its solar photovoltaic (PV) portfolio following the completion of its acquisition of the entire stake in Matahari Suria Sdn Bhd (MSSB).

In a statement, KAB said MSSB, which it acquired for RM5.3mil, owns a solar PV system on the rooftop of Universiti Teknologi Malaysia Kuala Lumpur and has an ongoing renewable energy power purchase agreement to supply energy to Tenaga Nasional Bhd under a feed-in tariff concession until 2037.

KAB executive deputy chairman cum group managing director Datuk Lai Keng Onn said the acquisition is expected to contribute positively to the group's financial performance until 2037.

“With the government's ambitious target of increasing the renewable energy (RE) capacity by 70% by 2050, it is an indication that there is significant potential for expansion in the SES segment.

"As we move forward, we will identify more opportunities in solar PV and other renewable sources to accelerate the growth of our SES segment and enhance our long-term earnings profile," he said.