Nuenergy to invest 21MWp solar PV facilities across 49 rooftop sites

KUALA LUMPUR: Nuenergy Holdings Bhd has announced plans to invest in the development of 21 megawatt-peak (MWp) solar photovoltaic (PV) facilities across 49 rooftop sites located at government agency premises. The investment will be carried out by Nuenergy's wholly owned subsidiary, IL Energy Sdn Bhd, with the development being undertaken by the government agency's main engineering, procurement, construction and commissioning (EPCC) contractor.

Nuenergy's other wholly owned unit, Armani Sinar Sdn Bhd, has accepted a letter of award from the government agency to collaborate as a strategic partner for the EPCC development of the facilities. As part of this partnership, Armani Sinar will provide engineering design support, establish technical standards for the project, conduct technical reviews, perform site verification and supply the solar PV modules and solar inverters.

The company believes that the project will bolster its portfolio of owned renewable energy assets, providing a recurring source of energy income over the term of the offtake arrangements. Furthermore, the project is expected to diversify the Nuenergy group's earnings base, moving away from relying solely on project-based engineering and construction income.

The facilities are anticipated to be completed in the second quarter of 2027, with the addition of the project to Nuenergy's portfolio expected to positively impact the group's earnings and net assets per share.