KUALA LUMPUR: Pekat Group Bhd
’s indirect wholly-owned subsidiary, Solaroo RE (Maldives) Pvt Ltd, has signed a power purchase agreement (PPA) with Sun Investments Pvt Ltd.
The agreement is for supplying electricity generated from a solar photovoltaic power system that Solaroo will develop.
In a filing with Bursa Malaysia, Pekat said the estimated contract value of the PPA, based on the generation of approximately 25.45 million kilowatt peak (kWp) of electricity over the 10-year contract period, is approximately US$6.9mil, or RM29.8mil.
Solaroo will design, build, install, own, operate, and maintain a solar photovoltaic energy system with a DC capacity of 1,727 kWp and a battery energy storage system (BESS) with a capacity of 1,398 kWh.
The system will be located at Sun Siyam Vilu Reef Maldives, Meedhufushi, Dhaalu Atoll, Maldives, and will generate and supply solar energy to Sun Investments.
Pekat said the commencement date of the PPA shall commence from the commercial operation date (COD), which is scheduled to occur within 12 months from the date of possession of the site and shall expire after 10 years of the COD.
