KPower will execute the solar power installation contracts, while PIBB will provide financing under the Solar Financing Scheme and promote KPower as one of the contractors providing these services. PETALING JAYA: KPower Bhd’s maiden venture into the solar power installation business will further strengthen its growth prospects, as it should ride on the wave of interest in renewable energy in Malaysia, according to RHB Research. The group’s wholly owned subsidiary KPower Engineering Sdn Bhd had entered into a memorandum of agreement (MoA) with Public Islamic Bank Bhd (PIBB) to collaborate on securing works related to net energy metering scheme (NEM) or self-consumption electricity generation, which are under the purview of Sustainable Energy Development Authority.The MoA will be in effect for two years.Under this proposed collaboration, KPower will execute the solar power installation contracts, while PIBB will provide financing under the Solar Financing Scheme and promote KPower as one of the contractors providing these services. RHB Research was positive on the MoA, and KPower has been expanding its internal capability and identified potential partners to execute these jobs. The NEM 3.0 programme is available from 2021 until 2023, with a quota of 500MW allocated for three main segments – homeowners, government ministries and entities, as well as commercial and industrial users. Including the proposed collaboration, KPower is targeting to secure up to 50MW – mainly from homeowners, as well as commercial and industrial users – under NEM 3.0. These could be worth RM200mil, with a net margin estimate of 10%. “Besides this, KPower has participated in Large Scale Solar (LSS) 4 tenders as an asset owner – the outcome of which will be known in the near-term, ” said RHB Research. It was maintaining KPower’s estimated earnings for the financial year ending June 30,2021 (FY21), but increased the FY22 to FY23 estimated net profit by 11% to 13%. price-earnings ratio.
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