KUCHING: Reneuco RE Sdn Bhd has inked a memorandum of understanding (MoU) with Petaling Jaya City Council (MBPJ) for the installation of rooftop solar photovoltaic (PV) at MBPJ Innovation Centre, Taman Sains Selangor.
The project is under the Scheme Category of Net Energy Metering Programme (NEM) 3.0.
The proposed capacity of the project is 267.3/kWh with an electricity tariff rate of RM0.390/kWh, said Reneuco Bhd’s (formerly KPower Bhd) in a filing with Bursa Malaysia. Reneuco RE is a wholly-owned subsidiary of Reneuco.
Reneuco RE is the first company appointed by MBPJ to be the “pilot project” for the zero-capital expenditure solar panel installation programme on the MBPJ building.
The installation of solar panels is one of the scopes in the energy management and efficiency programme under renewable energy,w hich can help MBPJ buildings move towards zero energy buildings.
“The purpose of the MoU is to establish the terms and conditions, scope of work, and the roles of the parties involved. Through this collaboration, both parties will receive unique advantages, such as the provision of renewable energy technology (solar), data sharing, savings in electricity bill payments, and reduction of energy consumption at Pusat Inovasi MBPJ, Taman Sains Selangor as well as mutual benefits in assisting Malaysia in reducing carbon emissions,” said Reneuco.
The cost of installation of solar panels will be borne by Reneuco RE.
“The project will be funded via internally generated funds or bank borrowings by the company,” said Reneuco.
According to Reneuco, the MoU represents an opportunity for the company to expand its product offerings and technical capabilities within the renewable energy sector.
“Through the MoU, Reneuco will have the opportunity to take its first steps into a state government-linked company to install NEM solar panels. The MoU also signifies Reneuco’s efforts to explore new business opportunities to enhance value for its shareholders and aligns with the company’s aspiration to emerge as the leading regional player in the renewable energy industry.”
On the role of Reneuco RE in the project, Reneuco said subject to climate and weather changes, Reneuco RE will ensure that MBPJ achieve cost savings on electricity bill payments from the installation of the solar panel system during the 15-year installation period.
