AEON Malaysia and Malakoff Radiance Sealed Solar Energy System Agreement

Kuala Lumpur, 5 May 2021 

AEON Co. (M) Bhd. (AEON Malaysia) together with Malakoff Radiance Sdn. Bhd. have inked a Solar Power Purchase Agreement (SPPA) for the development and usage of solar energy system at AEON Taman Maluri Shopping Centre.

The ceremony was held on 14 April 2021 at AEON’s Home Ground in Taman Maluri, Kuala Lumpur which saw Shafie Shamsuddin, Managing Director/Chief Executive Officer of AEON Malaysia and Anwar Syahrin Abdul Ajib, Managing Director/Chief Executive Officer of Malakoff Corporation Berhad exchanging the sealed agreements.

In this agreement, Malakoff Radiance Sdn. Bhd. will develop, operate and maintain a solar photovoltaic (PV) facility for AEON Taman Maluri Shopping Centre. The solar panel will generate approximately 2,797 MWh, contributing to 13% to 15% of electricity consumption for the shopping centre.

Malakoff Radiance Sdn. Bhd. was incorporated as a special purpose entity to carry out the business of developing, financing, constructing, operating and maintaining rooftop based photovoltaic solar projects for Malakoff Corporation Berhad.

The solar facility installed will be under a Build-Operate-Transfer (BOT) contract for a period of 20 years.

“We are very grateful for the opportunity to work with Malakoff being the specialist in solar energy business. This is a significant breakthrough for us which will allow us to play our part to continuously promote energy saving initiatives in delivering a greener future,” said Shafie Shamsuddin.

“As one of the largest mall operators in Malaysia, we have more than 40 properties across Malaysia which have the potential to be utilised for us to build a solar energy hub for our local community. It is our role to reinvent the investment towards sustainability, contributing back to the planet and community”, he added.

Anwar Syahrin is also optimistic about this joint effort as he believes that it can push both parties to even greater heights in capturing new opportunities for Renewable Energy (RE) growth.

“Being the largest Independent Power Producer (IPP) in the country, Malakoff will leverage on its stellar reputation in the market place to further pursue potential investments in the RE sector, as RE is expected to account for 31% of the nation’s electricity generation mix by 2025.”

“Furthermore, with the drastic change of the economy and industry landscape due to the COVID-19 and climate change impacts, we have made it our commitment to mitigate these challenges and transition towards a clean energy future by developing RE assets such as rooftop solar to promote a greener environment and derive energy efficiencies. We look forward to a synergistic collaboration with AEON, in achieving our long-term goal which is to be a sustainable clean energy provider”, added Anwar Syahrin.

The next phase of installation within year 2021 is expected to be carried out at AEON Alpha Angle Shopping Centre and AEON Melaka Shopping Centre.

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