Yinson through its subsidiary, Yinson Renewables is forming a joint venture with Plus Xnergy Holding Sdn Bhd (“Plus Xnergy”) through its wholly owned subsidiary Plus Xnergy Services Sdn Bhd to develop and implement commercial and industrial (“C&I”) rooftop solar photovoltaic (“PV”) projects in Malaysia.
This follows the collaboration agreement signed in August 2021 when both parties expressed intentions to enter into a business alliance to invest and develop up to 250MW of PV C&I projects within and beyond Malaysia.
The joint venture will strategically leverage 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.
To date, 3 projects have been successfully secured, providing rooftop solar PV systems to the C&I market, with a total value of RM43 million over the PPA tenure. These projects are expected to contribute to Yinson Renewables’ growing global pipeline of over 3GW.
Yinson Renewables Chief Executive Officer, David Brunt commented on the joint venture, “As a company that was founded and is headquartered in Malaysia, Yinson is excited to partner with Plus Xnergy, one of Malaysia’s most recognised renewables service provider. With the formalisation of the joint venture, we hope to accelerate the implementation of clean energy in the C&I sector, leveraging our joint strengths. This will reduce energy costs for commercial energy users and lends support to the government’s target of ensuring 40% of the country’s energy capacity is made up of renewables energy generation by 2035.”
Thang Chee Keong, CEO of Plus Xnergy Services, said, “We are honoured to be furthering our alliance with Yinson through this shareholder agreement. With this in place, we deepen our partnership and joint endeavour towards making both clean and lower costing energy a possibility for businesses in Malaysia and beyond. Despite the pandemic and fluctuating demand, we remain confident that in meeting the 250MW goal of total installed capacity within five years. We will also work towards securing projects with multinational companies based in Malaysia, as many have already begun their Sustainability & Environment, Social and Governance journeys.
“PXA will continue to invest in PPA solutions in order to empower businesses in their journey towards reducing their OPEX whilst switching to cleaner energy. The zero capital expenditure required on the part of businesses has clearly helped our customers make the transition. Undoubtedly the rise in energy cost has made this a clearer option. Continued adoption of PPAs will also support national agendas and reforms such as the carbon neutrality goal by 2050,” added Thang.
