OTHERS SOLARVEST HOLDINGS BERHAD ("SOLARVEST" OR "THE COMPANY") - SIGNING OF NEDA CONNECTION AGREEMENT WITH TENAGA NASIONAL BERHAD
| SOLARVEST HOLDINGS BERHAD |
| Type | Announcement | ||||||||
| Subject | OTHERS |
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| Description | SOLARVEST HOLDINGS BERHAD ("SOLARVEST" OR "THE COMPANY") - SIGNING OF NEDA CONNECTION AGREEMENT WITH TENAGA NASIONAL BERHAD |
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1. INTRODUCTION
The Board of Directors of Solarvest (“the Board”) wishes to announce that SM01 Sdn. Bhd. (“SM01”), a 33% owned company by Solarvest, had on 17 October 2025 received the signed New Enhanced Dispatch Arrangement (“NEDA”) Connection Agreement entered into with Tenaga Nasional Berhad (“TNB”) dated 17 October 2025 for the purpose of facilitating the connection and access to TNB’s system for the supply of energy generated by SM01’s generating facility under the NEDA scheme, in accordance with the terms and conditions of the agreement (“Project”).
2. INFORMATION ON SM01
SM01 was incorporated in Malaysia as a private company limited by shares and having its business address at No. 30-09, Q Sentral, 2A, Jalan Stesen Sentral 2, Kuala Lumpur Sentral, 50470 Kuala Lumpur. The nature of business of SM01 is principally involved in construction of power plants, and operation of generation facilities that produce electric energy.
SM01 has been established as a special purpose vehicle (“SPV”) solely to carry out the Project under the Corporate Green Power Programme (“CGPP”). The following shareholders will subscribe shares in SM01 ("Parties") as outlined below:
The current directors of SM01 are Kenji Kawado, Ryo Ogawa, Uli Goltenbott, Wesley Ho Shu Keat, Tan Qi Jie and Anandanayagam A/L Sharvanandan.
(A) INFORMATION ON SHIZEN
SHIZEN is a wholly owned subsidiary of Shizen International Inc. The current directors of SHIZEN are Kenji Kawado, Ryo Ogawa and Hui Chi Tan.
The principal activity of SHIZEN is development, operation, and management of environmentally sustainable renewable energy power generation projects, primarily solar, wind, and biomass, along with the provision of innovative energy technology solutions such as micro-grids, virtual power plants (VPP), and smart energy management systems (EMS), aimed at reducing environmental impact and fostering resilient, eco-friendly communities.
(B) INFORMATION ON SAMSB
SAMSB is a wholly-owned subsidiary of Solarvest. The current directors of SAMSB are Tan Chyi Boon and Chong Chun Shiong.
The principal activity of SAMSB is to promote health and improvement of environment and use of renewable energy for the purpose of minimising the degradation of environment or reducing greenhouse emission, to carry out business of solar leasing and other related activities and to carry out money lending services.
(C) INFORMATION ON HSSE
HSSE is owned by HSS Engineers Berhad. The current directors of HSSE are Ir. Sharifah Azlina Bt. Raja Kamal Pasmah, Ir. Md Jamil Bin Ishak and Ir. Vimalanathan Perumal.
The principal activity of HSSE is provision of engineering and project management services.
3. DETAILS OF NEDA CONNECTION AGREEMENT
Pursuant to the NEDA Connection Agreement, SM01 will construct, own, operate and maintain a solar photovoltaic energy generating facility with its approved export capacity of 29.99 MWac (“Facility”), in which the renewable energy produced will be sold virtually via a separate CGPA to Pearl Computing Malaysia Sdn. Bhd. (“Corporate Consumer”).
Pursuant the implementation of the NEDA Guidelines by the Energy Commission and signing of the NEDA Connection Agreement, and subject to SM01 satisfying the conditions under such NEDA guidelines, TNB agrees to give SM01 the access to TNB’s bulk power network for the supply of the energy generated by the Facility.
Throughout the term of the CGPA, the Corporate Consumer will offtake the renewable energy produced by the Facility, along with bundled Renewable Energy Certificates (RECs), for 21 years from the commercial operation date, with a contract for difference mechanisms at an agreed pricing.
4. FINANCIAL EFFECTS
The signing of the NEDA Connection Agreement is not expected to have any impact on the net assets and earnings of Solarvest and its group of companies (“Solarvest Group”) for the financial year ending 31 March 2026. Solarvest Group expects positive future earnings contribution from the Facility from the commercial operation date for the span of 21 years.
5. RISK FACTORS
The Company does not foresee any exceptional risk other than the normal operational risks associated with the NEDA Connection Agreement. Nevertheless, the Company will take the necessary steps to mitigate the risks as and when they occur.
6. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS
None of the Directors and/or major shareholders of the Company or persons connected with them has any interest, direct or indirect, in the NEDA Connection Agreement.
7. STATEMENT BY THE BOARD
The Board is of the opinion that the signing of the NEDA Connection Agreement is in the best interest of Solarvest.
This announcement is dated 17 October 2025. |
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Announcement Info
| Company Name | SOLARVEST HOLDINGS BERHAD |
| Stock Name | SLVEST |
| Date Announced | 17 Oct 2025 |
| Category | General Announcement for PLC |
| Reference Number | GA1-14102025-00024 |