Malakoff holds an 80% stake in the consortium, while Solarvest owns the remaining 20%.
PETALING JAYA: Malakoff Corp Bhd
’s consortium with Solarvest Holdings Bhd has been shortlisted as a bidder for a 470MW solar plant in Perak.
Malakoff holds an 80% stake in the consortium, while Solarvest owns the remaining 20%.
In a statement, Malakoff said it received a letter of notification from the Energy Commission following its participation in the competitive large-scale solar Petra 5+ (LSS5+) bidding exercise.
The water and power producer added that the LSS project will be located at its Windsor Estate in Mukim Kamunting and Mukim Batu Kurau, Perak.
As per the agreement between the two parties, a special-purpose vehicle (SPV) will be set up to undertake the development.
The SPV will then enter into a solar power purchase agreement (SPPA) with Tenaga Nasional Bhd (TNB), allowing the plant to generate and supply solar power to the national grid for 21 years.
The project will be financed through a combination of debt and equity, and is not expected to have any material impact on the group’s earnings and net assets for the financial year ending Dec 31, 2025 (FY25).
Malakoff group chief executive officer Syahrunizam Samsudin said the project is more than just building a solar plant – it is about laying the foundation for a cleaner, greener future for Malaysians.
The development will not only contribute towards Malaysia’s net zero ambitions, he explained, but also help ensure a stable and reliable energy supply for the nation.
“By integrating more renewable energy (RE) into the grid and reducing reliance on fossil fuels, we are taking tangible steps towards the government’s target of 70% RE capacity in the power mix by 2050,” he said.
According to Syahrunizam, with 198MW of RE already in place – covering LSS, commercial and industrial solar, as well as small hydropower – this new project will further strengthen the group’s position as a key player in Malaysia’s energy transition.
“Ultimately, our focus is on delivering sustainable progress that benefits communities, supports national priorities and creates long-term value for our stakeholders,” he noted.
This project follows Malakoff’s earlier announcement in June, when it entered into a concession agreement with the Housing and Local Government Ministry and the Solid Waste and Public Cleansing Management Corporation.
Secured by its subsidiary, Sungai Udang WTE Sdn Bhd, the project involves the design, construction, financing, operation, maintenance and closure of a waste-to-energy (WTE) facility at Sungai Udang, Melaka.
“The WTE Facility will process up to 1,056 tonnes of municipal solid waste per day and generate approximately 22MW of gross RE under a PPA to be entered into by TNB and the concession company,” the group said in a filing.
This project is expected to begin in the second quarter of next year and will have a concession period of 34 years.
Meanwhile, on its recent earnings, Malakoff posted a lower revenue of RM2.01bil for the second quarter ended June 30, 2025.
The group said this was primarily due to lower energy payments recorded from Tanjung Bin Power Sdn Bhd and Tanjung Bin Energy Sdn Bhd, in line with a decline in applicable coal prices, as well as lower energy payments recorded from Segari Energy Ventures Sdn Bhd due to a decrease in despatch factor.
Subsequently, profit also fell to RM62.82mil for the quarter, compared to RM93.57mil in the same quarter last year.
The board has recommended an interim dividend of 1.50 sen per ordinary share in respect of FY25, to be paid on Oct 27, 2025.
Moving forward, the group expects its overall performance to remain satisfactory.
