Malaysia’s OCK Group said it has signed a conditional agreement to invest MYR 350 million in Solarpack Asia Sdn Bhd (SPK Asia) and Solarpack Suria Sungai Petani Sdn Bhd (3SP), in which SPK Asia holds a 49% stake.
It said in a statement on the Malaysian stock exchange that it has signed a conditional investment agreement with Spain’s Zelestra, the sole owner of SPK Asia.
OCK has agreed to acquire 1,000 redeemable preference shares in SPK Asia, paying the final subscription amount entirely in cash. Zelestra will transfer a MYR 14.23 million loan to OCK, which OCK will settle in cash. The loan corresponds to an outstanding amount owed to Zelestra by JKH Renewables Sdn Bhd, which holds a 51% stake in 3SP.
3SP is the developer, owner, and operator of a 116 MW solar plant in Sungai Petani, northwestern Malaysia. It won the project under the country’s third large-scale solar program (LSS3).
The project reached commercial operation in March 2022 and sells energy to utility Tenaga Nasional Berhad under a 21-year power purchase agreement.
OCK Group has said that the proposed investment is in line with its business expansion strategy across all its business segments. It already has a renewable energy portfolio, including 29 solar assets across Malaysia.
Last week, Japan’s Panasonic unveiled its largest in-house solar array, a 5.2 MW solar installation, at the offices of Malaysia’s Panasonic Appliances Air-Conditioning Malaysia Sdn. Bhd (Papamy).
