Korea's LG joins Cypark to develop 8MW Malaysia solar
Cypark Resources has signed a preliminary agreement with South Korea’s LG Electronics to jointly develop an 8MW solar farm in the Malaysian state of Negeri Sembilan.
Under the agreement, the Malaysian environmental engineering group and LG will also undertake joint research & development in solar technologies particularly suited for Southeast Asia’s tropical weather conditions.
Cypark has signed a 75m ringgit ($24m) loan agreement with HSBC Amanah Malaysia to finance its move into solar technology.
Cypark's chief executive officer Daud Ahmad says the successful securing of funds for the project reflected its bankability and viability.
"We expect the implementation of the 8MW solar plant will be completed smoothly and [it will be] operational by end of this year,” he adds.
The company is focusing on the Negeri Sembilan solar plant, which will also generate an additional 2MW of electricity from biomass, before developing another 16 renewable energy projects nationwide, Daud says.