Trive Property Group Berhad (TPGB) signed a Joint Venture Agreement (JVA) with Jiangxi Fujing New Energy Technology Co., Ltd (JFNET) on solar power development.
The JVA is a follow up to the Memorandum of Understanding (MOU) signed on 8 June 2016 between TPGB and China’s Fortunate Solar Technology Ltd. (Fortunate Solar) On 25 October 2017, Fortunate Solar had since replaced the joint venture establishment to JFNET, an associate company of Fortunate Solar.
Under the JVA, both companies will incorporate a joint venture company, Daima Fujing New Energy Technology Sdn Bhd (DFNET), with an equal split of 50% stake each to each of the companies. The joint venture will undertake the research and development, assembly, production, distribute and marketing of photovoltaic products such as solar cells, solar panels or solar modules including solar systems in design and storage of solar power.
Both parties have agreed to invest an initial capital sum of RM60 million to set up a production line in a new factory that would be decided later, although they are currently looking at readily-built factory most probably in Iskandar Region, Johor.
The final solar products under the joint venture will be supplied to local markets, with goals to international markets including United States, Europe and other parts of the world.