Mah Sing Plastics Industries (MSPI) has awarded a RM12 million solar photovoltaic (PV) installation project to clean energy provider, Plus Solar Systems Sdn Bhd (Plus Solar) to outfit MSPI’s smart factory in Klang.
“The Malaysian government’s incentives for sustainability has made it much easier for companies like MSPI to move towards renewable energy through solutions like PV installations.
“The Green Investment Tax Allowance (GITA) allows us to claim 100% of this investment upon filing our tax submissions.
“This effectively works out to be a 24% savings based on the given corporate tax rate. With GITA, the Net Energy Metering (NEM) scheme and the monthly savings on electricity bills, we anticipate that this PV installation will pay for itself in 4 years. The quick rate of return makes this a really sound investment,” said Executive Director of Mah Sing Plastics Industries Lee Foo Keong.
This initiative is in line with the Budget 2021 focus on sustainability as one of its four broad themes.
The first phase of PV installations was completed in 2020 and has gained savings of 7 percent per annum in electricity bills while the second phased of PV installations will commence early 2021.
With their plastic products, MSPI aims to have lower environmental impact in every phase of their life cycle which includes production, distribution, transportation, waste collection, treatment and end-of-life disposal.
“We are proud to have earned the trust of Mah Sing Plastics, and to be a part of their transition towards clean energy,” Ko Chuan Zhen, Chief Executive Officer and founder of Plus Solar Systems Sdn. Bhd said.
“Mah Sing’s multiple investments into clean energy is expected to offset a total of 2,936 metric tonnes of carbon dioxide, equivalent to planting 14,680 trees. This is a step in the right direction for all corporates aiming to embrace sustainability as one of their core competencies,” Ko further added.
Following this initiative, MSPI is also fast-tracking its implementation of becoming a Smart Factory in years to come.