KUALA LUMPUR (April 9): Cypark Resources Bhd is currently in the process of finalising a bid of a maximum 100 megawatt (mW) quota for the government's third cycle of its large-scale solar (LSS3) scheme, said its group chief executive officer Datuk Daud Ahmad.

Speaking to reporters after its annual general meeting here today, Cypark group chief executive officer Daud said the group is well positioned to score the job, in view of its cost leadership in renewable energy and high success rate in the past two LSS schemes.

Cypark clinched two projects in the initial LSS programme, and three under the LSS2 initiative in its financial year ended Oct 31, 2018.

"We will bid for the largest size of 100mW [for LSS3] and we hope to win what we bid.

"With Cypark being the cost leader, we think that we are positioned well in being [a] successful [bidder]. We have also had good success rates in LSS1 and LSS2, and believe that as we continue with efforts of bringing competitive costs, our chances of scoring more [of such jobs] moving forward is pretty high," he said.

On funding, Daud said besides internally generated funds, the group is exploring a combination of equity and bank financing, which may include the restructuring of current assets, conventional bank or sukuk financing, in a tax- and interest-efficient manner.

Meanwhile, he added that the group is targeting for its 20mW waste-to-energy (WTE) plant in Ladang Tanah Merah, Negeri Sembilan, to achieve commercial operation date (COD) by June this year.

Daud stressed that there has been no delay as the government agreement had since the beginning stated June 2019 as the plant's commissioning date.

At the noon break today, shares in Cypark were traded two sen or 1.2% higher at RM1.71, for a market capitalisation of RM783.66 million. — theedgemarkets.com

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