Solarpack has won an award of a long-term power purchase agreement (PPA) for one of its projects under development in Malaysia. The award, which is the result of the competitive process launched by the Malaysian Energy Commission in February 2019, will imply the signing of a 21 year long PPA for its Suria Sungai Petani project, which is located in the district of Kedah and must achieve commissioning before December 31, 2021.
In August 2019, Solarpack presented an offer for the sale of the energy of its 116 MW Suria Sungai Petani project, winning approximately 20% of the total bid at a sale price of MYR231.8/MWh (equivalent to approximately US$56.8/MWh). A total of 112 energy sale bids were submitted to this bidding round, out of which 5 have been finally awarded. The PPA assures energy sales for Solarpack exceeding MYR800 million (equivalent to approximately US$196 million) during the life of the contract.
