LBS Bina Group has announced that its wholly owned subsidiary Setara Armada in collaboration with MWG Power Sdn. Bhd. and Ocean Solar Energy Sdn. Bhd. as a consortium has been selected as the SPP under the CGPP by the EC for the development of 28.67 megawatts solar power plant.
The Letter of Notification from the EC states that the Consortium had been selected as the SPP for the development of the Project. The announcement by the EC also indicated that the Consortium is one of the successful SPPs from the second batch application out of a total of forty-six applications. The total quota of 800 MW under CGPP is fully subscribed following the announcement by the EC on the selection of successful SPP from the second batch application.
The selected SPPs are required to submit an application to Single Buyer for participation in the New Enhanced Dispatch Arrangement (NEDA) programme, as part of the next step of the process, within three months from the EC’s Letter of Notification.
LBS said the project is in line with the company’s commitment to Environmental, Social, and Governance principles, this strategic step emphasises the company’s commitment to fostering environmentally responsible and sustainable developments. The successful involvement in the CGPP demonstrates LBGB’s incorporation of eco-friendly practices into its core business operations.
This award not only strengthens its position as a responsible corporate entity but also marks a substantial leap toward the Company’s broader goal of entering the renewable energy sector. Through the utilization of 28.67MW of green power, LBGB is set to make a substantial contribution in reducing carbon emissions and play a central role in advocating clean energy efforts within the region.
Barring any unforeseen circumstances, the project is expected to contribute positively towards the future earnings of LBGB’s group of companies.
Datuk Chew Chun Hoe and Dato’ Lam Lip Shyan who are the directors and indirect shareholders of MWG Power Sdn. Bhd., are also directors and indirect shareholders holding 20% equity interest in a dormant indirect subsidiary of LBGB.
