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AME Elite forms solar energy joint venture

29 Jun 2020 / 14:25 H.

PETALING JAYA: AME Elite Consortium Bhd has expanded into solar energy through its joint venture with Baozhou New Energy Technology Sdn Bhd, to provide one-stop solar energy solutions to corporations in Peninsular Malaysia as well as its i-Park industrial parks, via its subsidiary Symphony Square Sdn Bhd.

The group stated it will hold a controlling 51% stake in the joint venture company, while Baozhou will hold the remaining 49% interest.

Under the joint venture, it explained that Baozhou will provide expertise in solar energy, including solar panels and solar tracking systems, while AME will contribute its experience in integrated industrial space solutions.

AME Elite explained that the joint venture company’s primary activity includes solar panel installation and connectivity to net energy metering (NEM) grid, distribution of solar panels and solar tracking systems, and engineering, procurement, construction, and commissioning (EPCC) of grid connected solar photovoltaic projects for commercial and industrial buildings.

Its group managing director, Kelvin Lee Chai commented that the expansion will allow the group to add value to the industrial plants and buildings in its i-Parks and other external customers across Peninsular Malaysia, and also expand the capabilities and competitiveness of its construction and engineering division.

“On top of supporting the green energy initiative, the adoption of solar energy will also help corporations reduce electricity bills as well as optimise energy efficiency,” he said in a press statement.

“As sustainability and energy efficiency become increasingly important considerations among manufacturers and other companies as part of their social responsibility, we anticipate growing demand for green energy solutions.”

AME Elite also noted that the positive outlook of the sector will also be supported by various government incentives such as green investment tax allowance and green income tax exemption by the Malaysian Investment Development Authority, in line with the country’s sustainable development targets.

In the long term, it revealed that the joint venture will also target large scale and floating solar farm projects, and EPCC projects in the renewable energy sector.

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