Minetech is now a solar PV investor with SEDA
KUALA LUMPUR (March 3): Minetech Resources Bhd has registered as a solar photovoltaic (PV) investor (RPVI) with Sustainable Energy Development Authority Malaysia (SEDA) under the Net-Energy Metering (NEM 3.0) Programme.
In a filing with Bursa Malaysia today, the aggregate mining firm said as an RPVI, the group is now allowed to sell electricity via the renewable power purchase agreement (REPPA) under the NEM 3.0 programme to government agencies, businesses, and individuals.
Introduced by the Energy and Natural Resources Ministry, the NEM 3.0 programme offers a quota of 500 megawatts from 2021 to 2023 and it aims to encourage the growth of renewable energy (RE), providing an opportunity for more users such as government agencies, houses of worship, as well as companies to instal the solar PV systems on the roofs of their respective buildings.
Commenting on the group's venture into the solar business sector, Minetech executive chairman Datuk Awang Daud Awang Putera said the transformation into RE sector will complement Minetech's business growth in the solar market and subsequently diversify its income sources.
"With the government's goals to increase the use of RE to 20% by 2025, we are optimistic that the RE sector has a promising prospect in the long run.
"We are determined to play a part in supporting the government's policy to encourage the growth of green technology in the country and will continue to explore more business opportunities in the RE sector," he said in a separate statement.
Minetech operates nine quarries around Malaysia and overseas. It also provides specialised civil engineering works, including drill and blast services, earthworks, road pavement projects and building construction.
Shares of Minetech Resources ended one sen or 4.76% lower at 20 sen today, valuing the company at RM233 million.