UPDATE: Malaysia's Malakoff Corp, Touch Meccanica Ink Initial Pact For Power Projects
By Alexander Winifred
adds more comments from CEO, share price
KUALA LUMPUR (Jan 08) -- Malakoff Corporation, a Malaysian power and water producer, said Monday it has signed an initial pact with Touch Meccanica to develop several energy projects including large solar photovoltaic and mini hydro power projects in Pahang state.
As per the terms of the deal, the companies will exclusively discuss matters relating to the energy projects.
Malakoff will conduct a feasibility study to ascertain the technical and commercial viability of the projects.
Malakoff is targeting a capacity of about 150 megawatts for these projects spread across six locations at a cost of 1.3 billion ringgit ($325.3 million), its Chief Executive Ahmad Fuaad said.
"These projects will serve as a catalyst for Malakoff to play a bigger role in developing RE (renewable energy) projects in Malaysia," Ahmad added.
The company also plans to raise the number of renewable power plants within portfolio to 500 from the current 210 by 2020, Ahmad said.
Utilities-and-construction major MMC Corp, which also operates ports and gas pipelines, owns about 18% stake in Malakoff that runs seven power plants with net generation capacity of over 6,346 megawatts. Malakoff also produces 444,800 cubic-meter of desalinated water per day in the Middle East and owns wind farms in Australia.
Shares of Malakoff were trading 7.9% higher at 1.02 ringgit apiece.
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