KUALA LUMPUR: Yinson Holdings Bhd
’s indirect wholly owned subsidiary Mt Cass Wind Farm Ltd (MCWFL) has entered into a 15-year power purchase agreement (PPA) with Genesis Energy Ltd from its 94.6MW wind farm located on the South Island of New Zealand.
Yinson said in a filing with Bursa Malaysia that the plant to be constructed by MCWFL is worth RM1.2bil and the commercial operation is targeted to commence in the second half of 2028.
“The PPA will not have any effect on the share capital and shareholding structure of the company, but is expected to contribute positively to the earnings and net assets per share of the Yinson’s group of companies,” it said.
Yinson said the main risks affecting the PPA are related to the project execution such as schedule slippage, as well as operational execution risks related to delivering the required level of power generation to Genesis.
“Such risks are inherent in the Yinson Group’s business and are expected to be mitigated by the Yinson group’s experience and expertise in the renewables industry as well as internal controls and project execution plans to ensure fulfilment of required work scope under the PPA,” it added.
Genesis is an energy generator and retailer listed on the New Zealand Stock Exchange and Australian Securities Exchange selling electricity, reticulated natural gas and liquefied petroleum gas to more than 520,000 customers.
For the third quarter ended Oct 31, 2025 (3Q26), Yinson posted a net profit of RM239mil, or earnings per share of 4.80 sen, up from RM200mil or 6.20 sen in 3Q24.
Quarterly revenue, however, fell 7.1% to RM1.72bil against RM1.85bil a year ago.
In the nine months to Oct 31, Yinson posted a net profit of RM455mil, down 24.9% from RM606mil, while revenue tumbled 30.5% to RM4.3bil versus RM6.2bil previously.
In a filing on its financial performance earlier this month, the company said the lower revenue was mainly due to reduced contributions from engineering, procurement, construction, installation and commissioning activities, in line with construction progress, as FPSO (floating production, storage and offloading) Maria Quitéria, FPSO Atlanta and the Agogo FPSO commenced their charter periods on Oct 15, 2024 (3Q25), Dec 31, 2024 (4Q25) and Aug 12, 2025 (3Q26), respectively.
Yinson said the group’s earnings before interest, taxes, depreciation and amortisation declined by 14% to RM2.17bil, mainly due to higher administrative expenses as it transitioned from a capital expenditure-intensive engineering, procurement, construction, installation and commissioning phase to an operational phase, as well as impairment losses recognised in the Renewables and Green Technologies segments. — Agencies
