Cypark sees RM17mil revenue from RE

KUALA LUMPUR: Cypark Resources Bhd
expects to generate annual revenue of up to RM17mil from the sales of
renewable energy upon full commencement of the renewable energy (RE)
park.
In a filing with Bursa Malaysia, Cypark
said it had obtained Feed-In Tariffs (FiT) approval from Sustainable
Energy Development Authority to supply 8 MW and 2 MW of renewable energy
from solar PV and landfill biogas sources, respectively.
It said the FiT approval was secured by Cypark Suria (Pajam) Sdn Bhd and Cypark Suria (Ngeri Sembilan) Sdn Bhd.
With the approval, Cypark would be able to sign a renewable energy power purchase agreement with Tenaga Nasional Bhd for FiT concession periods of 21 and 16 years respectively for electricity generated from solar PV and landfill biogas.
“The
construction of the Pajam Renewable Energy Park is currently in the
advanced stage and the company expects to start progressively selling
its green electricity to TNB from the first quarter of 2012,” it said.
Due to the overwhelming response to solar PV, the FiT applications for solar PV were limited to a maximum 5 MWp rated capacity.
It
is understood that Cypark had sent in two applications one for 5 MW and
another for 3 MW totalling 8 MW for solar PV as the FiT application for
solar PV was limited to a maximum of 5 MWp rated capacity.
The
maximum limit is predetermined because Seda needs to manage the
renewable energy fund required for all the different RE sources under
the FiT and to avoid oversubscription.
The company had also put in two applications of 1 MW each for biogas.