Solarvest and Press Metal Collaborate on 100 MW Solar Project in Mukah, Sarawak

Malaysia’s clean energy firm Solarvest Holdings Berhad has teamed up with aluminum producer Press Metal Berhad to deliver Sarawak’s 100-megawatt solar farm with an estimated investment cost of MYR 380 million (US$90.14 million).

Mukah Solar Powerplant Sdn. Bhd. (MSPSB), Its special-purpose vehicle with Press Metal has entered into a power purchase agreement (PPA) with Syarikat Sesco Berhad (SESCO), a wholly-owned subsidiary of Sarawak Energy Berhad (Sarawak Energy), for the development of a 100MW alternating current (MWac) solar photovoltaic (PV) energy generating facility in Mukah, Sarawak. MSPSB is a SPV jointly owned by Solarvest Asset Management (Borneo) Sdn. Bhd., an indirect wholly-owned subsidiary of Solarvest, with a 60% equity stake, while Press Metal, an indirect wholly-owned subsidiary of Press Metal Aluminium Holdings Berhad, holds the remaining 40%.

Under the agreement, MSPSB will design, construct, own, operate and maintain the Mukah solar PV plant. The project is scheduled for the commercial operation date on November 30, 2027, and will require an estimated investment cost of MYR 380 million (US$90.14 million), to be financed primarily through bank facilities, while Solarvest’s equity portion funded internally.