Majuperak Holdings Berhad has reportedly taken a crucial step towards sustainable energy solutions by signing a Memorandum of Understanding with SPIC Energy Malaysia Berhad.
Apparently, the partnership seeks to investigate possibly implementing ground-mounted and floating solar photovoltaic installations in the Malaysian state of Perak. This strategic alliance also includes the prospect of collaborating on Engineering, Procurement, Construction, and Commissioning services for these projects.
According to the sources, SPIC Energy Malaysia Berhad works under the Malaysia Companies Act as a subsidiary of State Power Investment Corporation Limited. It focuses on power plant building and is regarded as one of the world's leading renewable energy-producing firms.
Moreover, both parties will collaborate extensively to establish the broad concepts and commercial specifications for the solar projects. This involves reviewing strategic investment options and determining their viability.
The report cites that MHB will take the lead in finding viable project locations as well as third-party investors interested in participating in these initiatives. The company will also work with SPIC Energy to deliver EPCC services to these prospective investors. Furthermore, MHB will also obtain all required licenses and clearances for site entrance and usage, including interconnection and installation areas.
Sources also revealed that SPIC Energy will take the lead in designing the projects, which will include technical, commercial, and financial elements, project management, and asset management. Additionally, SPIC Energy will collaborate with MHB to provide EPCC services if viable third-party investors are identified.
For the unversed, the MoU is effective for one year from the date of signature, with the potential of extension by mutual consent. With a seven-day written notice, either party may terminate the MoU.
This MoU lays the groundwork for future collaboration between MHB and SPIC Energy on renewable energy initiatives.