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Renewable Energy

LGB Group, via Taliworks Renewables Sdn. Bhd., a wholly owned subsidiary of the Group’s listed entity, Taliworks Corporation Berhad, has completed its maiden foray into the renewable energy sector with the acquisition of majority economic interests in three brownfield solar companies with an aggregate capacity of 19-megawatt peak (“MWp”) and an operations and maintenance company on 21 April 2022, namely:

  1. 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;
  2. Corporate Season Sdn. Bhd. (“CS”), which operates a 4.0 MWp rooftop solar system above the satellite terminal of the Kuala Lumpur International Airport (“KLIA”);
  3. Silverstar Pavilion Sdn. Bhd. (“SP”), which operates two separate 5.0 MWp rooftop solar systems on two long-term car parks of KLIA; and
  4. Terraform Global Operating (Malaysia) Sdn. Bhd. (“TGOM”), which provides end-to-end operations and maintenance services to the above solar companies.

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. The acquisition of the remaining minority economic interests in the 3 solar companies is anticipated to complete in the coming weeks.