Yinson, through its indirect wholly owned subsidiary Yinson Renewables, has signed a collaboration agreement with Plus Xnergy Services Sdn Bhd (“PXS”), a wholly owned subsidiary of Plus Xnergy Holding Sdn. Bhd. (“Plus Xnergy”), expressing intentions to enter a business alliance to jointly invest and develop solar photovoltaic (“PV”) projects via power purchase agreement (“PPA”) schemes within and beyond Malaysia.

Focusing primarily on commercial and industrial (“C&I”) rooftop solar PV projects, Yinson and Plus Xnergy aim to build an asset portfolio of up to 250MW within the next three years.

Leveraging on Yinson’s network, worldwide presence and experience in the energy space, as well as Plus Xnergy’s strength as a leading solar PV system provider and Engineering, Procurement, Construction and Commissioning (EPCC) contractor in Malaysia, the collaboration aims to meet the growing demand for clean energy solutions within Malaysia and subsequently, the global market.

Speaking at Plus Xnergy’s virtual launch event, ‘Reinventing Energy, Redefine Future’, Yinson Group Chief Executive Officer, Lim Chern Yuan commented, “According to reports from Fitch Solutions, the installed solar capacity within Malaysia is projected to expand from around 996MW in 2020 to more than 4GW by 2030. This presents an enormous growth opportunity for Yinson and Plus Xnergy to participate in the regional energy transition by adding value across the renewable energy value chain, providing benefits for the national economy as a whole.”

Chief Executive Officer of Yinson Renewables, David Brunt said that the Group is looking forward to help accelerate the energy transition in Malaysia, where Yinson was founded and is currently headquartered. “Addressing the growing need and demand for clean energy solutions, Yinson as an energy company, will continue to focus on establishing strategic collaborations with likeminded partners to better capitalise on these opportunities to accelerate the energy transition in Malaysia.”

Ko Chuan Zhen, Group Chief Executive Officer and Co-Founder of Plus Xnergy said, “During these challenging times brought upon us by the pandemic, overhead expenses such as electricity bills become a burden to many businesses. Through the synergies created with this collaboration, PXS and Yinson Renewables can offer businesses a chance to significantly lower their monthly electricity bills at zero upfront costs to them. We are confident that with our experience, having outfitted over 700 buildings, together with Yinson’s strong network and experience in the energy space – businesses in Malaysia and beyond can enjoy great benefits from clean energy solutions.”