Taliworks completed its maiden foray into the renewable energy sector with the acquisition of majority economic interests in 3 brownfield solar asset companies with an aggregate capacity of 19-megawatt peak (“MWp”) together with its operations and maintenance company on 21 April 2022:
- Fortune 11 Sdn. Bhd. (“F11”), which operates a 5.0 MWp ground-mounted solar photovoltaic project, built on a palm oil plantation area accessible via Jalan Pekeliling, Sepang
- Corporate Season Sdn. Bhd. (“CS”), which operates a 4.0 MWp rooftop-mounted solar project above the satellite terminal of the Kuala Lumpur International Airport (“KLIA”)
- Silverstar Pavilion Sdn. Bhd. (“SP”), which operates two separate 5.0 MWp rooftop-mounted solar projects within two long-term car parks of KLIA
- Terraform Global Operating (Malaysia) Sdn. Bhd. (“TGOM”), which provides end-to-end operations and maintenance services to the above solar assets
F11, CS and SP 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.
The acquisition provides Taliworks with 3 diversified premium solar asset companies in Malaysia with stable operating cashflow. The addition of a strong and capable management team now bolsters Taliworks’s capability in the renewable space. Taliworks is optimistic to complete the acquisition of the remaining minority economic interests in the 3 solar asset companies in the coming weeks.