May 29, 2024


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KPower collaborates with PIBB to finance and install photo voltaic PV programs

KUALA LUMPUR, Jan 27  — KPower Engineering Sdn Bhd (KPEng), a wholly-owned subsidiary of KPower Bhd, has entered into a memorandum of settlement (MOA) nowadays with Public Islamic Financial institution Bhd (PIBB) on the funding and set up of photo voltaic photovoltaic (PV) methods for PIBB’s buyers in relation to the internet energy metering (NEM) scheme.

KPower’s team running director Mustakim Mat Nun mentioned the NEM plan, which falls beneath the purview of the Sustainable Vitality Growth Authority (SEDA), presents the avenue for energy customers to put in solar PV methods on the roofs of their respective properties for electric power price financial savings. 

He stated the plan also encourages the general public to play an active purpose in mitigating climate modify in which clean up energy can be generated for personal usage.

“NEM 3. was declared on Dec 29, 2020 and a complete of 500 MW quota shall be allotted for the time period setting up 2021 right up until 2023.

“Below the MOA, KPEng shall have out the installation is effective and supply help to PIBB on all complex matters relating to the securing of photo voltaic set up contracts for prospective clients, whilst PIBB shall market KPEng as one particular of the suppliers and contractors for photo voltaic set up is effective and deliver funding to the likely buyers,” he explained in a statement now.

Mustakim mentioned the tenure of the MOA shall be 24 months with the promotion and internet marketing joint- initiatives to be specific at NEM 3. initiatives such as Method NEM Rakyat which involves photo voltaic installations on domestic or residential properties and Method NOVA which covers solar installation on business and industrial structures.

“The idea of NEM is launched to benefit electrical energy customers and at the very same time maintain the setting in efforts to triumph over the world wide challenge of local weather change.

“Even so, worries occur from the deficiency of funds or the accessibility to install the system especially for private customers. With this complete option, KPower and PIBB will be equipped to present the two the set up alongside one another with the financing to our shoppers which would reduce the two most important concerns that has caused setbacks to the NEM plan,” he mentioned.

Via the partnership, the team can right away generate earnings synergies through its existing ability as a specialist in renewable energy even though leveraging on PIBB’s substantial database and current consumers. 

“The partnership with PIBB, currently being one particular of the main Islamic banking institutions in Malaysia, in providing this one particular-end solution to our prospects will further more support our vision of eco-friendly and sustainability by encouraging usage of cleanse strength. The MOA is a testimony to our potential in the photo voltaic phase and we are grateful for the trust that has been provided to us by PIBB, our partners and affiliate marketers, he explained.

Small business things to do from the MOA shall contribute to KPower’s revenue from the fiscal yr ending (FYE) 2021 till FYE 2023. 

Photo voltaic will play an crucial role in KPower’s products giving heading forward, of which NEM will be amongst the key contributor. KPower is aiming to secure up to 50MW of the NEM task or 10 for each cent of the quota beneath NEM 3..

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