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Widad Group inks deal to manage solar power facilities

Widad Group inks deal to manage solar power facilities


KUALA LUMPUR:  Widad Group Bhd is partnering Motion Ventures Sdn Bhd to manage solar power facilities.

In a statement today, Widad Group said it had entered into a memorandum of collaboration (MoC) with Motion Ventures to provide facilities management to community solar projects and large-scale photovoltaic plants with a total capacity of 1,000MW in Peninsular Malaysia.

Motion Ventures is principally engaged in the business of property, general commission agent, construction work and design, electrical and mechanical, telecommunications and information technology.

Currently, it owns and operates 66 community solar projects in Malaysia whereby all the electricity generated from the community solar projects shall be supplied into the grid via the renewable energy power purchase agreement.

Widad Group managing director Datuk Dr Mohd Rizal Mohd Jaafar said the collaboration with Motion Ventures is expected to enhance the company’s integrated facilities management service offerings and potentially expand the company’s revenue and customer base.

“Having considered all the relevant aspects including the rationale and effects of the MoC, the board of directors of Widad is of the opinion that the MoC is in the best interests of Widad Group,” he added.

The collaboration will be effective for a period of 12 months upon the execution by Widad Group and Motion Ventures, and may be mutually extended by both parties.

Widad Group currently has an outstanding order book of RM718.8million generated from its integrated facilities management and construction business.

At the noon break, Widad Group had risen 3.5 sen or 6.8% to 55 sen, valuing the group at RM1.41 billion.

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