Malakoff Corporation Berhad announces the signing of a conditional share sale and purchase agreement with Zelleco Engineering Sdn Bhd for the acquisition of 51% of ZEC Solar and 49% of TJZ Suria. This strategic acquisition aims to immediately increase Malakoff’s effective capacity in the renewable energies sector to 128MW, and to optimize operating costs through resource synergies. ZEC Solar, owner and developer of a large-scale 29MW solar plant located in Kota Tinggi, Johor, was awarded this project under the LSS program with a 21-year solar power purchase agreement in force until 2040. This acquisition will enable Malakoff to expand its capacity and portfolio in the renewable energies sector.
Commitment to green growth
Encik Anwar Syahrin Abdul Ajib, Managing Director and CEO of Malakoff, expressed his enthusiasm for this strategic acquisition, adding a further 15MW of solar capacity to the company’s portfolio, bringing Malakoff’s total installed renewable energy capacity to 168MW. The company has invested in hydroelectricity, partially financing the 84MW Rising Promenade hydroelectric project in Sungai Galas. In addition, it has secured solar power purchase agreements with major players such as DRB-HICOM Group, UMW Group, Railway Assets Corporation and Keretapi Tanah Melayu Berhad.
Partnerships and future projects
As part of the Corporate Green Power program, Malakoff has partnered with MMC Ports to develop 500MW of solar projects within the Albukhary Group. Malakoff also gained worldwide recognition by signing a memorandum of understanding with Abu Dhabi Future Energy Company PJSC-Masdar to develop photovoltaic power plant projects in peninsular Malaysia with a total capacity of up to 1,000 MW. Encik Anwar said, “There is undeniable momentum at Malakoff as we accelerate the country’s energy transition. This is testament to our commitment to contribute to the national goal of zero net emissions by 2050 and increase renewable energy capacity to 70% by then, fostering a greener future.”
Vision for the country’s energy future
To date, thanks to its new business line – Malakoff Green Solutions – Malakoff’s renewable energy portfolio has reached 168MW, including large-scale solar projects, rooftop solar installations and small hydroelectric power plants, as well as carbon-free mobility infrastructure. With a production capacity of 6,953 MW via domestic thermal power plants, the Group is also committed to environmental solutions, managing a waste volume of 4,386 tonnes per day through its subsidiary Alam Flora Sdn Bhd.
