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:
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.