Cypark teams up with MBI Kedah & NS Corp to expand RE market
Last update: 11/10/2019
KUALA LUMPUR, Oct 10 -- Cypark Resources Bhd has entered into two Memorandum of Business Collaborations (MoBC) with Menteri Besar Kedah Incorporated (MBI Kedah) and Negeri Sembilan Corporation (NS Corp) to expand its renewable energy (RE) market growth through the government-promoted net energy metering (NEM) and potential of the Peer to Peer (P2P) initiative.
In a statement today, CYpark said the collaboration with MBI Kedah will see Cypark bringing green investment and clean technology by developing supply of renewable energy to state-owned and state-linked buildings all over Kedah under NEM and Supply Agreement for Renewable Energy (SARE) initiatives.
“The estimated investment for this collaboration could reach up to RM500 million over the next three years,” it said.
Meanwhile, the collaboration with NS Corp is for the supply and development of green energy to state-owned and state-linked buildings in Negeri Sembilan.
“The collaboration would see a potential investment of up to RM250 million to established NEM and SARE initiatives of up to 50 mw over the next three years.
Cypark executive chairman Tan Sri Razali Ismail said the MoBC would contribute positively to the company's future performance and would also benefit MBI Kedah and NS Corporation significantly, as they can tap into Cyparl's strong technical expertise and operational excellence in meeting their aspirations in the area of green circular economy and renewable energy.