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Commercial & Industrial Projects

As part of MFCB Group’s expansion plans and strategy to begin and grow the renewable energy business, MFP Solar Sdn Bhd (“MFP Solar”) was incorporated on 29 August 2019 where the Group owns 55% equity shares while the remaining 45% is held by its strategic partner of which the ultimate beneficial owner is Pekat Group Berhad.

MFP Solar is principally engaged to undertake solar photovoltaic (“PV”) investment in Commercial and Industrial (“C&I”) rooftop solar projects in Malaysia. Being a solar investment company, MFP Solar engages directly in C&I solar projects to provide a capex-free solution for its target customers to save on their utility payments and enhance green corporate image, typically on Power Purchase Agreement (“PPA”) business model. MFP Solar has been accredited with RVPI by Sustainable Energy Development Authority (commonly known as SEDA) from 17 January 2020.

At present, the Group has completed three (3) C&I solar PV power projects with combined installed capacity of 14.5MW. All the solar plants have now been successfully commissioned, energised and operating smoothly. The Group also secured 6.4MW C&I solar contract where the solar PV plants are expected to be progressively installed and come on full stream in the 1st half of 2022.

It is of note that the financing of C&I solar projects is particularly unique as it is under a Multi-tranche Green RM100 million Term Loan Facility that has been assigned a “Gold” assessment by the Malaysian Ratings Corporation Berhad (“MARC”), the highest assessment on MARC’s scale for green financing instruments. This is the first “Gold” green loan assessed by MARC in Malaysia and demonstrates our commitment to Sustainable Development Goals (“SDG”) 7, which is also in line with the Loan Market Association’s Green Loan Principles (GLP) 2020.

The Group expects to continue selectively adding new projects to the pipeline to expand its C&I solar PV investment portfolio, which forms part and parcel of the Group’s Renewable Energy (“RE”) strategy and this also fits into Malaysia’s RE vision of 20% RE capacity mix by 2025.

We are pleased to present the following C&I solar projects completed by the Group:

Location: Tanjong Malim, Perak
Installed Capacity: 9MW carport solar mounting system
Location: Tanjong Malim, Perak
Installed Capacity: 3MW rooftop solar system
Location: Batu Kawan, Penang
Installed Capacity: 1.5MW rooftop solar system
Location: Phnom Penh, Cambodia
Installed Capacity: 1.0 MW rooftop solar system