Cypark inks renewable energy pact with Tenaga

Cypark Resources Bhd, through two of its wholly-owned units, Cypark Suria (Pajam) Sdn Bhd and Cypark Suria (Negeri Sembilan) Sdn Bhd, has signed the renewable energy power purchase agreement with Tenaga Nasional Bhd (TNB).

In a filing to Bursa Malaysia here today, Cypark Resources said the
agreement was for a feed-in-tariff concession period of 21 years for electricity
generated from its eight-megawatt (MW) solar park in Pajam, Negeri Sembilan.
The environmental engineering and renewable energy company said it would be allowed to export and sell its solar energy to TNB grid starting from today.

Cypark said it would start receiving payment from TNB within 21 days after
monthly billing was issued.

The total green energy sales from the solar plant was about RM11 million
annually, it said.

Its group chief executive officer, Daud Ahmad, said its renewable energy
development team would now focus on building other new solar projects scattered across four states, with targeted additional solar power installed capacity of 25MW by year-end.

"Starting from 2013, Cypark is expected to generate annual combined revenue
of up to RM45 million from the implementation of 33MW solar farms alone and the revenue will be recurring until year 2033," he said.

Cypark is primarily an environmental technology and engineering specialist
focusing on integrated renewable energy, waste management and environmental remediation. -- Bernama