Image: Asia Chang, Unsplash
Malakoff Corporation Berhad, a Kuala Lumpur-based energy company, has signed a conditional purchase and sale agreement with Malaysian engineering company Zelleco Engineering to acquire two companies.
Under the terms of the agreement, Malakoff will acquire more than 22.3 million common shares in solar energy developer ZEC Solar, representing 51% of its total share capital. It will also purchase 49,000 ordinary shares in TJZ Suria, representing 49% of its total equity. According to Malaysian media reports, the deal could be worth MYR27 million ($5.76 million).
Malakoff CEO and Managing Director Encik Anwar Syahrin Abdul Ajib said the acquisition will add an additional 15 MW of solar capacity to the company’s portfolio, bringing its total installed renewable energy capacity to 168 MW.
ZEC Solar owns and operates a 29 MW solar power plant in Kota Tinggi, South Malaysia, with a 21-year power purchase agreement in effect until 2040.
“This expansion will significantly increase Malakoff’s technical capabilities and a reference plant to meet the requirements of future large-scale solar energy bids, both nationally and internationally,” Ajib said. “It demonstrates our commitment to contributing to the country’s goal of achieving net-zero emissions by 2050 and increasing renewable energy capacity to 70% within the same period, promoting a greener future.”
In October 2023, Malakoff signed an agreement with MMC Group to supply 500 MW of solar energy in Malaysia. According to figures from the International Renewable Energy Agency (IRENA), the country’s cumulative PV installations stood at 1,933 MW at the end of 2023.
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