Reneuco inks MOU for rooftop solar installation programme with MBPJ

• Reneuco said its wholly owned subsidiary Reneuco RE was appointed by MBPJ for the proposed installation, which involves 267.3kWp generation capacity, Reneuco said in a bourse filing.

KUALA LUMPUR (Oct 19): Reneuco Bhd has signed a memorandum of understanding (MOU) with the Petaling Jaya City Council (MBPJ) for rooftop solar photovoltaic installation at Pusat Inovasi MBPJ in Taman Sains Selangor.

Reneuco said its wholly owned subsidiary Reneuco RE was appointed by MBPJ for the proposed installation, which involves 267.3kWp generation capacity, Reneuco said in a bourse filing.

The net energy metering scheme will be conducted as zero-capital expenditure (capex) installation for MBPJ, where Reneuco will bear the installation cost and impose a proposed electricity tariff rate of 39 sen/kWh across a 15-year period.

Reneuco will also operate and maintain the solar asset.

“Reneuco RE is the first company appointed by MBPJ for the 'pilot project' for the zero-capex solar panel installation programme on the MBPJ building,” it said.

“Through this collaboration, both parties (Reneuco and MBPJ) will receive unique advantages, such as the provision of renewable energy technology (solar), data sharing, savings in electricity bill payments, and a reduction in energy consumption at Pusat Inovasi MBPJ, Taman Sains Selangor, as well as mutual benefits in assisting Malaysia in reducing carbon emissions,” the filing read.

Reneuco said the MOU will be effective until a formal agreement, detailing more specific terms, is signed. Either party can terminate the MOU by providing a written notice 30 days in advance. 

As of the time of writing on Thursday, Reneuco's share price remained unchanged at 18.5 sen, giving it a market capitalisation of RM121.69 million. 

Year to date, the stock has declined 49.32%.

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