Kuala lumpur: Malakoff Corporation Bhd and Solarvest Holdings Bhd, through their consortium, have been awarded a letter of notification by the Energy Commission of Malaysia (EC) to develop a 470 megawatt alternating current (MWa.c.) large-scale solar photovoltaic plant in Perak.

According to BERNAMA News Agency, the companies disclosed in separate filings with Bursa Malaysia that the consortium, with Malakoff holding an 80 percent stake and Solarvest a 20 percent stake, was selected under the EC’s LSS PETRA 5+ competitive bidding process. The consortium plans to establish a special purpose company (SPV) that will execute a Solar Power Purchase Agreement with Tenaga Nasional Bhd, committing to a 21-year project term.

Malakoff’s filing stated that the project underscores its dedication to expanding renewable energy and supports its clean energy transition initiatives, aligning with Malaysia’s national renewable energy goals. Both companies indicated that the project’s financing will involve a mix of debt and equity and anticipate no significant impact on their earnings and net assets for the financial years ending December 31, 2025, for Malakoff, and March 31, 2026, for Solarvest.

Additionally, the companies confirmed that none of their directors, major shareholders, or connected individuals have any direct or indirect interest in the project.