Malakoff inks deal with Concord Alliance to develop renewable energy projects

KUALA LUMPUR: Malakoff Corp Bhd has signed a joint development agreement (JDA) with Concord Alliance Sdn Bhd today to explore and develop biogas based power generation projects.
Under the collaboration, both parties intend to collaborate with each other to jointly develop, operate and maintain renewable energy projects including biogas and biomass based power generation to be jointly identified by the parties. Both parties have agreed to conduct feasibility studies for the purpose of evaluating the viability of the projects for development.
Commenting on the agreement, Malakoff CEO Datuk Ahmad Fuaad Kenali said the collaboration is intended to harness the biogas generated from the palm oil mill effluent (POME) to generate electricity which, more importantly, will also avoid the release of the biogas generated by the POME into the atmosphere to preserve the environment.
“The biogas and biomass based power generation projects forms part of Malakoff’s strategy to expand the renewable energy (RE) segment and contribute towards meeting the government’s target to increase Malaysia’s RE generation capacity to 20% by 2025. Concord has been chosen as our partner due to its capability and experience in the development, construction and operations & maintenance of biogas power generation projects,” he added.
Malakoff currently owns a 50% interest in Macarthur Wind Farm in Victoria, Australia, with an effective generation capacity of 210MW.
Earlier this year, Malakoff signed a memorandum of understanding with Touch Meccanica Sdn Bhd to collaborate in the development of several RE projects.
Subsequently, Malakoff’s wholly-owned Teknik Janakuasa Sdn Bhd secured an operation and maintenance contract with a large scale 29MWac solar photovoltaic power plant in Kota Tinggi, Johor.
Most recently, Malakoff entered into a conditional share sale agreement with Hicom Holdings Bhd to acquire 97.37% equity interest in Alam Flora Sdn Bhd to facilitate Malakoff’s expansion into environmental-related business such as the development of waste-to-energy projects.
Malakoff's share price gained 1.1% to close at 91 sen yesterday with 1.53 million shares changing hands.