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Sunview Group extends global reach: Forges Renewable Energy Partnership with Uzbekistan's Yashil Energiya

Sunview Group Bhd has announced a strategic partnership with Uzbekistan-based Yashil Energiya to explore renewable and green energy opportunities in Uzbekistan. The collaboration, facilitated through Sunview’s wholly-owned subsidiary Fabulous Sunview Sdn Bhd, aims to capitalize on Uzbekistan’s renewable energy targets and foster sustainable development in the region.

Under the agreement, Fabulous Sunview will spearhead investment and provide engineering, procurement, construction, and commissioning services for renewable energy projects. Meanwhile, Yashil Energiya will serve as the purchaser of electricity generated from these projects, leveraging its expertise in the installation and maintenance of renewable energy sources in Uzbekistan.

Sunview Group’s Executive Director and CEO, Ong Hang Ping, emphasized the significance of this partnership in advancing Sunview’s global expansion strategy. He highlighted Uzbekistan’s ambitious goal to generate 40% of its electricity from renewable sources by 2030, aligning perfectly with Sunview’s sustainability objectives.

“This collaboration underscores our commitment to supporting Uzbekistan’s sustainability agenda,” stated Ong Hang Ping. “I am confident that our joint efforts will yield positive outcomes for the communities we serve and contribute to a greener future for all.”

Sunview’s previous venture in Uzbekistan, announced last February, involved the exploration of a 500 MWac solar photovoltaic plant in the Kashkadarya region, with an estimated investment of US$1 billion (RM4.78 billion).

However, despite its strategic partnerships and initiatives, Sunview reported a decline in net profit for the third quarter ended Dec 31, 2023 (3QFY2024). The decrease, attributed to lower gross profit margins due to competitive power purchase agreement tariffs, amounted to 34.3%, with net profit falling to RM1.53 million from RM2.34 million in the previous year’s corresponding quarter. Similarly, the company’s net profit for the nine months ended Dec 31, 2023 (9MFY2024) declined by 32.6% to RM4.96 million from RM7.36 million in the previous year.

Despite these financial challenges, shares of Sunview rose by half a sen or 0.75% to 67 sen as of noon break, reflecting investor optimism and confidence in the company’s long-term growth prospects. This market movement translated to a market capitalization of RM339.51 million for the renewable energy player.


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