PETALING JAYA: 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 in cash.
The acquisition takes the solar facility off the hands of Reneuco, a Practice Note 17 (PN17) firm that is currently in the middle of formulating a regularisation plan.
According to Sunview’s bourse filing, it had been contracted by PKNP Reneuco in July 2023 to undertake the engineering, procurement, construction, and commissioning works of the solar plant, and had achieved progressive completion of the work in April 2025.
With the acquisition of the plant, it said it will be able to revive the project, take it to completion, and commence commercial operations.
“By acquiring the solar plant announced under the the fourth phase of of the government’s large scale solar programme (LSS4), 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 landowner, Perbadanan Kemajuan Negeri Pahang (PKNP), for the lease of the land.
PKNP Reneuco – a collaboration between PKNP and Reneuco – had secured the LSS4 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, Sunview, via a tender exercise, won the bid for the solar plant.
Based on the tender document dated Sept 22, the solar plant is estimated to be 79% completed.
“Further assessment will be performed on the estimated work required to be carried out to complete the construction of the solar plant,” the company said.
Commenting on the outlook of the solar power and renewable energy sector in Malaysia, Sunview said solar energy has emerged as a crucial solution to reduce greenhouse gas emissions by displacing fossil fuel energy.
“It is projected that solar energy could cut global carbon dioxide emissions by over four billion tonnes annually by 2050.
“The implementation of the Carbon Border Adjustment Mechanism from October 2023 further underscores the global shift towards sustainable practices, compelling companies worldwide to adopt green technologies and carbon pricing policies.”
Sunview said the global solar energy sector continues its robust growth trajectory, poised as the fastest-growing renewable energy source.
“Declining costs, technological advancements, and supportive government policies worldwide are driving this expansion.”
