Renewable Energy

In June 2022, Taliworks completed its maiden foray into the renewable energy sector with the acquisition of four (4) brownfield solar asset companies together with its operations and maintenance company in the vicinity of KLIA with an aggregate capacity of 19 MWp:

  1. TR Sepang Sdn. Bhd. (“TR Sepang”) operates a 5.0 MWp ground-mounted solar photovoltaic project, built on a palm oil plantation area accessible via Jalan Pekeliling, Sepang;
  2. TR SaTerm Sdn. Bhd. (“TR SaTerm”) operates a 4.0 MWp rooftop-mounted solar project above the satellite terminal of KLIA;
  3. TR CPark Sdn. Bhd. (“TR CPark”) operates two separate 5.0 MWp rooftop-mounted solar projects within two long-term car parks at KLIA; and
  4. Taliworks Renewables Operations Sdn. Bhd. provides end-to-end operations and maintenance services to the above solar assets.

TR Sepang, TR SaTerm and TR CPark operate under the Feed-in Tariff (“FIT”) programme administered by the Sustainable Energy Development Authority (“SEDA”), a statutory body formed under the Sustainable Energy Development Authority Act 2011. The FIT programme was designed to encourage development of renewable energy by guaranteeing grid access and favourable tariff rates. These solar assets achieved Commercial Operations Date in 2013.

The acquisition provides Taliworks with three (3) diversified premium solar asset companies in Malaysia generating stable operating cashflow. The addition of a strong and capable management team now bolsters Taliworks’s capability in the renewables space. With the completion of the acquisition of the four (4) solar projects in the second quarter of 2022, the Group consolidated the financial results from the Renewable Energy division from the date of acquisition. Taliworks started recognising revenue under the newly created renewable energy segment from second quarter of 2022 from sales of electricity generated from their solar photovoltaic plants.

The management team is working hard on various performance improvements and risk mitigation initiatives. For example, at one of the solar project sites, TR SaTerm had undergone solar panel replacement to increase its panel efficiency. Going forward in 2024, Taliworks plans to replace the solar panels in the two project sites (TR Sepang and TR CPark). The project is expected to improve the financial performance for the renewable energy division upon completion in 2024.