Sunview in talks for a proposed 500MW solar facility in Cambodia

Sunview in talks for a proposed 500MW solar facility in Cambodia

KUALA LUMPUR (Jan 15): ACE Market-listed Sunview Group Bhd is in talks with a few Cambodian companies for the proposed development of a 500MW solar facility in Cambodia, in its bid to expand its business abroad.

The renewable energy player’s wholly-owned unit Fabulous Sunview Sdn Bhd has inked a strategic business alliance agreement with “a few” undisclosed Cambodian companies for the development of the solar farm, according to Sunview executive director and CEO Ong Hang Ping.

“The objective of the agreement is to collaborate and explore business opportunities in relation to proposed future projects on RE [renewable energy] and green energy in Cambodia,” he said.

The identities of the potential Cambodian partners cannot be disclosed at this juncture, Ong said, nor can the whereabouts of the farm be revealed yet, to a non-disclosure agreement (NDA) inked.

However, based on a preliminary understanding between the parties in the discussion, Ong said the project is targeted to have a capacity of 500MW. Sunview is proposed to be exclusively in charge of the engineering, procurement, construction and commissioning (EPCC) aspects of the project.

To illustrate the scale of the project, Ong said Sunview’s largest single-site project in terms of capacity stands at 100MW.

Besides the project’s targeted capacity, other details — such as value and timeline — have yet to be ironed out, he said.

During the signing ceremony, Ong said Sunview’s majority-owned power infrastructure provider Sirage Energy Sdn Bhd may also be involved in the project, but did not elaborate.

Ong noted that Fabulous Sunview holds the majority stake in Sirage Energy, while the remaining shareholding in the unit is held by Sirage Capital Sdn Bhd, owned by the Perlis royalty.

A check with the Companies Commission Malaysia (SSM) showed that Sunview Power Distribution Sdn Bhd owns a 75% stake in Sirage Energy, while the remaining 25% is under Sirage Capital.

The signing ceremony was witnessed by the Raja Muda of Perlis Tuanku Syed Faizuddin Putra Ibni Tuanku Syed Sirajuddin Jamalullail, and Datuk Seri Diraja Syed Razlan Ibni Almarhum Tuanku Syed Putra Jamalullail — a director and shareholder of Sirage Capital.

Sunview currently owns and operates 21 solar photovoltaic facilities throughout Malaysia, Ong said. Ong owns a 34.71% stake in Sunview — 4.23% direct, and another 30.48% under his private vehicle New Energy Capital Sdn Bhd.

Sunview shares closed two sen or 2.67% higher at 77 sen on Monday, giving the group a market capitalisation of RM381.03 million. The counter is now trading at over 2.6 times its initial public offering price of 29 sen. It made its market debut in October 2022.