Yinson Holdings Berhad through its subsidiary, YR C&I Pte Ltd is forming a joint venture with Plus Xnergy Holding Sdn Bhd to develop and implement commercial and industrial rooftop solar photovoltaic projects in Malaysia.
This follows the collaboration agreement signed in August 2021 when both parties expressed intentions to enter into a business alliance to invest and develop up to 250MW of PV C&I projects within and beyond Malaysia.
The joint venture will strategically leverage Yinson’s network, worldwide presence, and experience in the energy space, as well as Plus Xnergy’s strength as a leading solar PV system provider and Engineering, Procurement, Construction, and Commissioning (EPCC) contractor in Malaysia.
To date, 3 projects have been successfully secured, providing rooftop solar PV systems to the C&I market, with a total value of RM43 million over the power purchase agreement tenure. These projects are expected to contribute to Yinson Renewables’ growing global pipeline of over 3GW.
Yinson Renewables Chief Executive Officer, David Brunt commented on the joint venture, “As a company that was founded and is headquartered in Malaysia, Yinson is excited to partner with Plus Xnergy, one of Malaysia’s most recognised renewables service providers. With the formalisation of the joint venture, we hope to accelerate the implementation of clean energy in the C&I sector, leveraging on our joint strength”
Thang Chee Keong, CEO of Plus Xnergy Services said, “Despite the pandemic and fluctuating demand, we remain confident that in meeting the 250MW goal of total installed capacity within five years. We will also work towards securing projects with multinational companies based in Malaysia, as many have already begun their Sustainability & Environment, Social and Governance journeys.”
Plus Xnergy added that it will continue to invest in PPA solutions in order to empower businesses in their journey towards reducing their OPEX whilst switching to cleaner energy. The zero capital expenditure required on the part of businesses has clearly helped customers make the transition.
