KUALA LUMPUR: Kinergy Advancement Bhd (KAB) is venturing into the Philippines via a major solar power collaboration with Philippines-conglomerate LCS Holdings Inc.
In a statement, KAB said its unit, KAB Energy Holdings Sdn Bhd, will partner LCS to jointly develop the 20 megawatts-peak (MWp) solar farm project in Santa Ilocos Sur.
The solar farm project has the potential to expand its capacity up to 100Mwp, the energy of which will be exported to the retail electricity supplier or the wholesale electricity spot market in the Philippines, it said.
The project is expected to have a lifespan of 25 years, which will provide a stable and long-term recurring income for KAB.
"The signing of this HOA with LCS is a cornerstone in our strategy to broaden our renewable energy initiatives and expand beyond Malaysia into the Southeast Asia market," said KAB executive deputy chairman-cum-group managing director Datuk Lai Keng Onn.
"We are eager to combine our technical expertise in renewable energy with LCS's local insights to make this project a benchmark in the industry."