PETALING JAYA: Solarvest Holdings Bhd has signed a memorandum of agreement (MoA) with Teo Seng Capital Bhd to install solar photovoltaic panels across the latter’s chicken farms and factories in Johor.
Teo Seng has earmarked a capital expenditure of about RM13 million for the installation of about 4,000 kWp (kilowattpeak) rooftop solar projects, according to its filing with the stock exchange.
It noted that the proposed investment is expected to translate into savings in its electricity cost and contributes to the global environment conservation efforts.
Both parties mutually agreed to enter into a separate engineering, procurement, construction agreement for each project within 12 months from the date of signing the MoA.
“During the validity period of MoA, each party may terminate the MoA by serving a two-month written notice to the other party,” Teo Seng added.