Solar PV Power Sdn Bhd. (SPP), a joint venture of Jetama Energy Sdn Bhd (Jetama) and Symbior Solar Limited (Symbior), has reached financial close for its 10 MW AC Solar Photovoltaic Project located in Labuan, Sabah, Malaysia. The MYR43 million (US$9.7 million) project finance facility has been provided by AmBank Islamic Berhad. Finergreen acted as the sponsors’ financial advisor.
The project is the largest solar PV project in Labuan and one of the largest in Eastern Malaysia. It was awarded after Jetama and Symbior’s joint bid submission under the second round of the Malaysian Large-Scale Solar program (LSS2). SPP signed the 21-year Power Purchase Agreement with Sabah Electricity Sdn Bhd (SESB), the local utility company operating in Sabah and Labuan, in December 2021.
The credit facility will be used for the construction of the power plant which started in 2022 and is expected to be operational within Q2 2023.
Country updates
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