Reneuco announced that the special purpose vehicle jointly incorporated with Citaglobal Berhad, had accepted a conditional letter of award from MRL, for the exclusive provision and supply of electricity and renewable energy to the ECRL network for both traction and non-traction project.
The award will require the parties to undertake the development, design, construction, testing, commissioning and completion of the transmission and distribution interconnection facilities, and operate and maintain the IF during the concession period.
The parties will have to provide commitment bond of RM5,000,000 in the name of MRL within thirty days from the date of the Conditional Letter of Award. The appointment of a suitable, experienced, qualified and registered (if required) design
consultant, approved by MRL and the development or preparation of conceptual design and the EPCC tender documents for the development, design, construction, testing, commissioning of the IF.
Reneuco said the project represents an opportunity for Reneuco to expand its business in the sustainability energy and utilities segment. The Project signifies Reneuco’s effort in exploring new business opportunities that creates long term value under the renewable energy spectrum in-line with the its aspiration to emerge as the leading regional renewable energy player.
The Project is expected to enhance the Group’s earnings through the construction works of the Project and steady stream of long-term revenue arising from the Concession.
