Image: Michael Wilson, Unsplash
Malaysia’s OCK Group said it has signed a conditional agreement to invest MYR350 million in Solarpack Asia Sdn Bhd (SPK Asia) and Solarpack Suria Sungai Petani Sdn Bhd (3SP), in which SPK Asia has a 49% stake.
It said in one statement on the Malaysian stock exchange that it has signed a conditional investment agreement with Spain’s Zelestra, the sole owner of SPK Asia.
OCK has agreed to acquire 1,000 redeemable preference shares in SPK Asia, with the final subscription amount being paid entirely in cash. Zelestra will transfer a loan of MYR 14.23 million to OCK, which OCK will settle in cash. The loan corresponds to an outstanding amount owed to Zelestra by JKH Renewables Sdn Bhd, which has a 51% stake in 3SP.
3SP is the developer, owner and operator of a 116 MW solar power plant in Sungai Petani, northwest Malaysia. It won the project under the country’s third large-scale solar energy program (LSS3).
The project became commercially operational in March 2022 and sells energy to utility Tenaga Nasional Berhad under a 21-year power purchase agreement.
OCK Group has said that the proposed investment is in line with its business expansion strategy across all its business segments. It already has a renewable energy portfolio, including 29 solar assets across Malaysia.
Last week, Japan’s Panasonic unveiled its largest internal solar panel, a 5.2 MW solar energy installation, in the offices of the Malaysian Panasonic Appliances Air-Conditioning Malaysia Sdn. Bhd (Papamie).
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