Solar PV Power’s solar project finalizes investment agreement in Malaysia

The 10MW solar project in Malaysia has finalized the investment agreement.

The project is being developed by a joint venture of Jetama Energy and Symbior Solar named Solar PV Power (SPP).

The solar project will be developed the site in Labuan, Sabah in eastern Malaysia. The developer has already reached the final investment decision for the project.

According to the companies, a Myr43m (€9.1m) project finance facility has been finalized by AmBank Islamic Berhad. Finergreen was the financial advisor for the joint venture.

The company shared that the “credit facility will be used for the construction of the power plant,” a report added.

The project is expected to enter into operation by 2023.

It has been reported that the project was awarded following the duo’s joint bid submission under the second round of the Malaysian Large Scale Solar program.

Earlier, SPP had inked a 21-year power purchase agreement with Sabah Electricity (SESB). It is the local utility company operating in Sabah and Labuan.