TNB signs solar power purchase deals with 3 firms

PETALING JAYA: Tenaga Nasional Bhd (TNB) has signed three power purchase agreements (PPAs) with special purpose companies set up by the consortium of ItraMAS Technology, Maltech Pro and Cam-Lite.
The consortium was awarded a contract by the Ministry of Energy, Green Technology & Water to develop 3x50MW solar projects at Jasin, Malacca; Gurun, Kedah and Merchang, Terengganu.
TNB executed separate PPAs with Quantum Solar Park (Malacca) Sdn Bhd, Quantum Solar Park (Kedah) Sdn Bhd and Quantum Solar Park (Terengganu) Sdn Bhd.
“Each of the companies will construct, own, operate and maintain a solar photovoltaic energy generating facility with a capacity of 50 megawatts alternate current (MWac) at its specified location,” TNB said in a stock exchange filing.
Each PPA, which has an expected commercial operation date of Dec 31, 2017, governs the obligations of the parties to sell and purchase the energy generated by the facility for a period of 21 years from the commercial operation date in accordance with the agreed terms and conditions.
The signing of the PPAs will not have any effect on the issued and paid-up share capital and the substantial shareholders’ shareholdings of TNB and will have neutral impact on the earnings of TNB over the term of the PPAs.