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Bina Puri bags its first power project in Malaysia

KUALA LUMPUR (Dec 19): Bina Puri Holdings Bhd has bagged a project from the Energy Commission to develop a 5mw solar photovoltaic plant in Kunak, Sabah under the commission’s large-scale solar plant initiative to increase penetration of renewable energy in the country.

In a statement yesterday, Bina Puri said it secured the project through its wholly-owned subsidiary, BP Energy Sdn Bhd. Bina Puri said BP Energy had, on Dec 4, received the commission’s letter of acceptance for the project.

“We are indeed very positive and planning to add more solar farms and mini hydro powers into our power portfolio. The project, on a build-own-operate basis, is located in Kampung Dasar in Kunak, and all the documentation is expected to be finalised by March 2018,” said Bina Puri group executive director Datuk Matthew Tee Kai Woon.

“This is Bina Puri’s first power project in Malaysia after the successful listing of our power subsidiary on the Indonesia Stock Exchange (IDX) in June 2017,” Tee said.

Bina Puri unit PT Megapower Makmur (MPOW), an independent power producer, was listed on the IDX. MPOW now operates eight diesel power plants with a capacity of 54mw in eight locations throughout Indonesia, as well as a mini hydro plant in Sulawesi Selatan, Indonesia.

He said while construction remains Bina Puri’s biggest top-line contributor in financial year ended Dec 31, 2016 (FY16), the company believes contribution from other business divisions, especially power supply, will increase in FY17 and FY18.

“Prospects will be better for the company moving forward and with our combined strength and expertise, we are devoted to taking this journey to the next level to enhance our shareholder value,” Tee said.

According to the statement, the company’s diverse businesses include property development, highway concession and manufacturing of construction materials.

This article first appeared in The Edge Financial Daily, on Dec 19, 2017.

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