KUALA LUMPUR: AmBank Group has extended RM102.40 million in financing facilities to Gajahsuria Power Sdn Bhd (GSP) to support the development of a 29.99 megawatt of alternating current (MWac) Large Scale Solar 5 (LSS5) project located in Kampung Gajah, Perak.
GSP is jointly owned by Sun Energy Ventures Sdn Bhd, BayWa re Energy Solutions Sdn Bhd, and Constant Energy Malaysia Holding Sdn Bhd (CEMH).
CEMH, the local entity of Thailand-based Constant Energy, is the lead developer responsible for overall project development, operations and maintenance.
In a joint statement today, the bank said the financing will primarily fund the working capital and project costs associated with the development and operation of the solar photovoltaic plant, which was awarded under the LSS5 programme by the Energy Commission.
"This GSP project marks a further expansion of GSP’s large-scale solar plant fleet in Malaysia. With an estimated project value of RM128 million, the Kampung Gajah solar plant is expected to be operational in July 2027.
"The facility will contribute to reducing Peninsular Malaysia’s dependence on fossil fuels and support local social and economic development,” it said.
AmBank Business Banking managing director Christopher Yap said the financing reflects the bank’s continued commitment to advancing sustainable infrastructure and supporting Malaysia’s transition towards a low-carbon economy.
"We look forward to working with strong partners like Constant Energy and its consortium to drive impactful, future-ready energy solutions,” he said.
Meanwhile, Constant Energy chief executive officer and founder Frank Constant said the group are focused on delivering and operating the project to a high standard.
"We appreciate AmBank Group’s support in providing the financing that helps fuel the LSS5 project to move forward. Together with our Malaysian team at CEMH and our consortium partners, we are focused on delivering and operating the project to a high standard.
"With strong local capabilities and a solid understanding, we remain committed to supporting Malaysia’s energy transition in the long term while continuing to grow our renewable energy portfolio across Southeast Asia,” he added.
Incorporated on Jan 15, 2025, GSP is a special purpose vehicle established to deliver the full scope of the project, encompassing development, financing, design, engineering, procurement, construction, installation, testing, commissioning, as well as the ownership, operation, and maintenance of the solar plant.
Headquartered in Bangkok, Thailand, Constant Energy is an established renewable energy project developer and Independent Power Producer (IPP) with a growing footprint across Southeast Asia. - Bernama
