Mudajaya secures US$118.8m contract

PETALING JAYA: Mudajaya Corp Bhd's wholly-owned subsidiary Oracle International Co. Ltd has been awarded a US$118.8 million (RM375.4 million) offshore equipment procurement works contract by Amihan Energy Corp (AEC).
In a filing with Bursa Malaysia yesterday, Mudajaya said the offshore equipment procurement works is for the 62MW wind energy farm in Cebu, the Philippines.
The project will commence two months from the date of notice to proceed given by AEC and the completion date is 18 months from the commencement date.
"The equipment procurement contract is the culmination of the group's longer-term strategy to broaden the income stream. Going forward, this contract will give the group a bigger presence in the renewable energy sector in the region," said Mudajaya group MD and CEO Anto Joseph.
AEC, which is a 40% associate of Mudajaya, has the exclusive rights for 25 years to explore, develop and utilise wind energy resources within a designated area of 18,225ha in Cebu under a wind energy service contract with the Philippines' Department of Energy.
The wind energy project has a total capacity of up to 200MW and will be developed in stages.