Malakoff to seek more opportunities in renewable energy business

KUALA LUMPUR: Malakoff Corp Bhd is looking for more opportunities in the renewable energy segment, as part of its plans to meet the targeted power generation capacity of 10,000 MW by 2020.
"There are opportunities in solar...there supposed to be additional 200MW per year from now until 2020. So domestically for this year, that is the main opportunity," executive vice president of corporate Shaharul Farez Hassan told a press conference here today after the company's AGM.
Besides that, the independent power producer is also on the lookout to own more power plants both locally and abroad, including the Phillippines, Indonesia, the Middle East and Africa.
Meanwhile, acting CEO Habib Husin said he is optimistic that Malakoff will be able to maintain its steady financial performance in 2016.
"We expect to maintain the same level of performance in meeting obligations and power purchase agreements, we're optimistic and confident that we've a good team on board," he noted.
The independent power producer reported a 32.71% increase in net profit to RM453.2 million in 2015 compared with RM341.5 million in 2014.
Malakoff has a net generating capacity of 6,346 MW from its seven power plants in Malaysia.
Its overseas power and water are located in Saudi Arabia, Algeria, Bahrain, Oman and Australia, with an effective capacity of 690MW of power and 444,800m3 per day of water desalination.