Cypark Resources Bhd is teaming up with LG Electronics to venture into solar technology, which includes collaborative solar projects within Malaysia and Southeast Asia.
Cypark said on Friday, Sept 23 the initiative was to make Malaysia the centre for the solar business hub in the region, by tapping into LG’s long history in solar photovoltaic (PV) technology.
Under the plan, Cypark and LG would undertake joint research & development in solar technologies particularly designed for the Southeast Asia’s tropical weather conditions. They would also undertake a study to set up a solar PV manufacturing plant in Malaysia, particularly in Negeri Sembilan.
Cypark said LG was its technology partner and the engineering, procurement and construction contractor in the installation of its large solar farm project in Pajam, Negeri Sembilan.
“The collaboration will further strengthen Cypark’s position as the leading Renewable Energy company in Malaysia,” said Cypark chairman Tan Sri Razali Ismail in Pajam where Cypark and LG inked a memorandum of understanding (MoU) for the strategic partnership in solar technology.
Negeri Sembilan Menteri Besar Datuk Seri Utama Mohamad Hasan, who witnessed the signing of the MoU, also launched the “Renewable Energy Development Policy Master Plan” to transform the state to be the leader in Malaysia’s renewable energy development.
The RE Policy Master Plan is to enable Negeri Sembilan help achieve the government’s target to reduce national carbon emission by 40% by 2020 and the National Energy Policies on renewable energy.
Also present at the signing of the MoU were LG Electronics vice president for solar worldwide C.S. Chung and HSBC Amanah Malaysia chief executive officer Rafe Haneef.
Cypark also received the land lease offer letter from the Negeri Sembilan Government which gives rights to a 21-year leasehold land title. The land is used to develop the 10 MW Integrated Pajam RE Park project.
Cypark also signed a RM75 million financing agreement with HSBC to finance the development of the Pajam Integrated RE Park.
Cypark’s chief executive officer Daud Ahmad said securing the funds for the project reflected the bankability and viability of the project.
“We expect the implementation of the 8MW solar plant will be completed smoothly and operational by end of this year,” he said.
