G Capital unit, TNB sign renewable energy power purchase agreement

KUALA LUMPUR (Aug 19): G Capital Bhd's 96%-owned subsidiary, Gunung Hydropower Sdn Bhd, has signed a renewable energy power purchase agreement (REPPA) with Tenaga Nasional Bhd (TNB).

In a filing with Bursa Malaysia today, G Capital said on Dec 15, 2020, Gunung Hydropower was granted a feed-in approval by the Sustainable Energy Development Authority Malaysia in respect of the 10-megawatt low-head mini-hydropower plant in Sungai Perak, Salu in the vicinity of the Lenggong District, Perak.

It said that the REPPA will be for a period of 21 years from the commercial operation date Dec 15, 2025.

"Pursuant to the REPPA, TNB will purchase electricity from Gunung Hydropower at a feed-in tariff (FiT) rate of RM0.2898 per kilowatt-hour," the group said.

G Capital is expecting a potential revenue of more than RM400 million over the span of 21 years from the date of the commission and completion of the plant, based on the FiT rate of RM0.2898 per kilowatt-hour and estimated annual production of 68-gigawatt hours of electricity to be generated by the plant.

"Save for the above, the REPPA is not expected to have any material impact on the earnings and net assets of the group for the financial year ending Dec 31, 2021," it added.

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