KUALA LUMPUR: BM Greentech Bhd
’s wholly-owned subsidiary Plus Xnergy Holding Sdn Bhd, has acquired 100% equity interest in NEFIN V Power Sdn Bhd (NVP), a special purpose vehicle (SPV) with the rights to develop a 29.99 MWac solar photovoltaic (PV) farm under the Corporate Green Power Programme (CGPP).
In a statement, the biomass boiler design and manufacturing group said the acquisition is expected to create a new stream of recurring income from 2027, when the solar power plant is commissioned, complementing the group's existing engineering, procurement, construction and commissioning (EPCC) business.
The NVP power plant is expected to generate an average of 60,000 MWh of solar energy annually, avoiding more than 1.1 million tonnes of carbon emissions over its 25-year operational lifespan.
BM GreenTech said NVP has already secured long-term power purchase contracts with offtakers, including Fortune 500 companies from the semiconductor and food industries with operations across Malaysia and Southeast Asia, providing predictable revenue visibility.
Group managing director Chia Lik Khai said the acquisition supports the group's strategy of moving up the renewable energy value chain while strengthening earnings visibility.
"This acquisition is a step forward in our growth strategy to capture opportunities that move us up the value chain and provide more visibility on revenue.
“Utility-scale renewable energy is still at its nascent stage in Malaysia. By entering this field now, we become one of the early providers of renewable energy to corporates and industries, enabling us to tap the growth upside," he said.
The acquisition also strengthens BM GreenTech's integrated clean energy portfolio and supports Plus Xnergy's transformation into a renewable energy player spanning power generation, energy efficiency and energy storage.
The purchase will be financed through internally generated funds at a total consideration of RM3.6mil under two sale and purchase agreements.
Plus Xnergy will acquire a 90% stake in NVP from NEFIN Energy (Malaysia) Sdn Bhd for RM3.24mil and the remaining 10% from NEFINCO (M) Sdn Bhd for RM360,000.
Following the acquisition, BM GreenTech's develop, build, own and operate (DBOO) renewable energy portfolio will expand to 74MWp of recurring income-generating assets from 29MWp previously.
Separately, Plus Xnergy’s total nationwide portfolio to-date comprises over 510 MWp of grid-connected solar footprint that has generated over 3,579 GWh of energy, and 100 MWh of completed and ongoing BESS projects as at June 2026.
