SAMAIDEN (0223): SAMAIDEN GROUP BERHAD bags RM115m biomas RE job in Terengganu
KUALA LUMPUR: Renewable energy specialist Samaiden Group Bhd has secured a RM115.60mil contract to develop a 10 MWac biomass power plant in Teluk Kalong, Terengganu.
Samaiden said in a statement to Bursa on Monday its unit Samaiden Sdn Bhd had accepted a letter of award from BTM Biomass Products Sdn Bhd – a unit of BTM Resources Bhd – to undertake the project.
Under the contract Samaiden will guarantee to commission the plant at the minimum output based on the approved requirements by Tenaga Nasional Bhd, Sustainable Energy Development Authority and/or other related local authorities.
Work shall start on Jan 2 next year and the target completion date is within 23 months.
Should Samaiden fail to complete the works within 23 months, it will be penalised at the rate of RM10,000 per day up to a limit of 5% of the contract price as liquidated and ascertained damages as delay compensation.