Scanwolf Corporation Berhad Announces Renewable Energy Supply and Purchase Option Agreement in Malaysia

Scanwolf Corporation Berhad, a leading entity in the renewable energy sector, disclosed significant developments in its related party transactions. The company unveiled a Supply Agreement for Renewable Energy (SARE) and an Option for Scanwolf Plastic Industries Sdn. Bhd. (SPI) to acquire the Solar PV System from Armani Energy Sdn. Bhd. (AESB).

Under the Supply Agreement, SPI, a wholly-owned subsidiary of SCANWOLF, has inked a deal with Tenaga Nasional Berhad (TNB) and AESB for the procurement of solar photovoltaic energy generated by the Solar PV System. The agreement spans a 20-year term, with SPI committed to purchasing the Net Electrical Output from the Solar PV System. This agreement is poised to significantly contribute to SPI’s sustainability efforts and is aligned with SCANWOLF’s commitment to renewable energy initiatives.

AESB, responsible for the design, installation, and operation of the Solar PV System, is anticipated to commence supply to SPI promptly. SPI will make monthly Solar Energy Payments to TNB for the acquired Net Electrical Output, promoting the utilization of clean energy and reducing carbon footprint.

Additionally, SPI has been granted the Option to Purchase the Solar PV System from AESB. This option underscores SCANWOLF’s strategic vision to empower its subsidiaries with ownership opportunities in renewable energy infrastructure. The Purchase Price determination, outlined in detail in the announcement, reflects a structured and transparent process aimed at maximizing value for all stakeholders involved.

The Solar PV System, boasting an installed capacity of 1064 kWdc, is positioned at SPI’s premises in Tronoh, Perak. This initiative not only aligns with SCANWOLF’s sustainability goals but also showcases its commitment to fostering a green future.

Mr. Andy Woo Weng Kok, Director of AESB, expressed optimism regarding the partnership, stating, “We are thrilled to collaborate with SPI and contribute to Malaysia’s renewable energy landscape. This endeavor underscores our shared commitment to sustainability and innovation.”

The transaction, subject to regulatory approvals, is anticipated to be completed by the fourth quarter of the financial year ending June 30, 2024. SCANWOLF remains steadfast in its pursuit of sustainable energy solutions, driving positive environmental impact and creating value for its stakeholders.