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OSK’s bid with Japanese partner for large-scale solar project unsuccessful

OSK’s bid with Japanese partner for large-scale solar project unsuccessful

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KUALA LUMPUR: OSK Holdings Bhd and its Japanese partner Marubeni Corp have been unsuccessful in their joint bid for a large scale solar photovoltaic plant in Peninsular Malaysia under the Government’s third cycle of the scheme (LSS3).

In a filing with Bursa Malaysia today, OSK said it received an outcome letter today dated Jan 6 from the Energy Commission of Malaysia.

“It was stated that the joint bid of OSK and Marubeni Corporation for Large Scale Solar Photovoltaic Plant in Peninsular Malaysia (LSS3) was not successful. Hence, the JDA-TS (Joint Development Agreement Term Sheet) would be terminated with immediate effect,” it said.

On Aug 19, 2019, OSK announced that it signed a term sheet with Marubeni, under which OSK holds a 51% participating interest and Marubeni the remaining 49%, to jointly develop, operate and maintain the LSS3 project.

The Tokyo-based Marubeni is one of the largest independent power producers worldwide.

It owns and operates a global portfolio of around 41,041 megawatts (mW), and has acted as engineering, procurement and construction (EPC) contractor in completing 110,174 mW of power projects.

Last February, Putrajaya called for bids for an estimated RM2 billion worth of projects under LSS3 to increase electricity generation from renewable energy.

The outcome of the exercise was to be released by the end of last year.

Shares of OSK closed 1 sen or 0.99% higher at RM1.02 for a market capitalisation of RM2.14 billion.

Source: theedgemarkets
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Anand Gupta Editor - EQ Int'l Media Network

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