KUALA LUMPUR: Sunview Group Bhd
said its indirect wholly-owned subsidiary SAM 2 Sdn Bhd has inked a conditional sales and purchase agreement to acquire a large-scale solar photovoltaic power generation plant from PKNP Reneuco Sdn Bhd, a 95%-owned subsidiary of Reneuco Bhd, for RM70mil cash.
The acquisition takes the solar facility off the hands of Reneuco, a Practice Note 17 (PN17) firm that is currently in the midst of formulating a regularisation plan.
According to Sunview's bourse filing, it had been contracted by PKNP Reneuco in July 2023 to undertake the EPCC works of the solar plant, and had achieved progressive completion of the works in April 2025.
With the acquisition of the plant, it said it will be able to revive and continue the project to completion, and commence commercial operations.
"By acquiring the solar plant under the LSS4 programme, the proposed acquisition represents another stride in Sunview’s expansion strategy which further solidifies the group’s commitment to growth," it said in the filing.
Subsequent to the acquisition, SAM 2 will enter into a lease arrangement with the landowners, Perbadanan Kemajuan Negeri Pahang (PKNP), for the lease of the land.
PKNP Reneuco - a collaboration between PKNP and Reneuco - had secured the Large Solar Scale 4 tender award for the construction and operation of the 50MWac solar photovoltaic energy generating facility in Pekan, Pahang, following a bidding exercise conducted by the Energy Commission. PKNP Reneuco subsequently signed a 21-year power purchase agreement with Tenaga Nasional Bhd.
However, on Feb 8, 2024, Reneuco announced it had become an affected listed issuer under PN17, resulting in PKNP Reneuco halting work on the solar plant and being placed under receivership due to defaults on its payment obligations.
On Nov 28, 2025, Sunview, via a tender exercise, won the bid for the solar plant.
Based on the tender document dated Sept 22, 2025, the solar plant is estimated to be 79% completed.
"Further assessment will be performed by the company on the estimated works required to be carried out to complete the construction of the solar plant," said the filing.
The proposed acquisition is expected to be completed by the second quarter of 2026.
