Cypark to develop 14.5 MW in Malaysia
Cypark will develop a 10.5 MW (DC) solar array for power producer Selasih Mentari in Ladang Tanah Merah, Negeri Sembilan, for MYR 53.4 million ($12.4 million). The project is scheduled for completion by November 2018, according to an online statement.
Separately, Cypark will install 3.95 MW of PV capacity for Revenue Vantage in Jelebu, Negeri Sembilan, for MYR 21.6 mlllion ($5 million). It aims to finish the project by September 2018.
Cypark has already worked with Selasih Mentari on solar projects in Negeri Sembilan. In early 2014, it signed a 65 million ringgit deal to build a 5.3 MW array on a landfill site in Kuala Sawah. It also recently completed a 2 MW solar project for Rentak Raya on a 5.7-hectare site in Pajam, in addition to a 3 MW solar+biogas project it installed in Pajam for Gaya Dunia
The Petaling Jaya-based group, which is listed on the Bursa Malaysia stock exchange, posted a profit of MYR 51.7 million ($12 million) in 2016, up 18.9% year on year. Roughly 70% of its total revenue last year came from its renewable-energy and environmental engineering businesses, according to recent Malaysian media reports.
The Cypark installations are the latest in a series of major PV projects that have been announced in Malaysia in recent months. In March, Kuala Lumpur-based independent power producer Edra revealed plans to build 50 MW in the state of Kedah by the first quarter of 2018. Taiwan’s Tien Ching also announced plans this spring to invest in a 49 MW floating PV array in the state of Kelantan, while a unit of Penang-based construction group PLB Engineering recently secured approval to develop a 20 MW project at an undisclosed location in Peninsular Malaysia.
Roughly 2.42 billion ringgit ($555 million) of solar-related investments were approved in Malaysia in 2016, according to recent statistics from the Malaysian Investment Development Authority (MIDA). The MIDA is trying to turn the Southeast Asian country into a regional hub for the production of solar cells and modules. It says that approximately 95% of investments in PV production in the country have come from foreign entities.