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Affin Islamic Keen On Green Technology, Renewable Energy Financing
Last update: 07/02/2018

KUALA LUMPUR, Feb 7 (Bernama) --†Affin lslamic Bank Bhd is keen on exploring more financing opportunities in the fields of green technology and renewable energy, says†Chief Executive Officer, Nazlee†Khalifah.

He said most Islamic banks were now slowly moving towards†socially-responsible financing in support of the government's initiatives†to pursue greater energy-sustainability projects in†Malaysia.

"The government has already issued†licences for quite a number of companies to open their own solar farms and we will be looking at opportunities in those areas," he told a press conference after signing a financing facility agreement with Gading Kencana Development Sdn Bhd here today.

Deputy Minister of International Trade and Industry, Datuk Seri Ahmad Maslan, witnessed the signing of the agreement.

Under the agreement, Affin Islamic would†provide a total financing of RM130.34 million for the development of Gading†Kencana's†30-megawatt large-scale solar photovoltaic project in Bidor, Perak.†

Nazlee said the bank was confident of†Gading†Kencana's capability given its proven track record in its Ayer Keroh, Melaka solar farm, with production capacity of eight megawatts (MW)†on seven hectares (ha).

Gading Kencana Managing†Director, Datuk Muhamad Guntor Mansor Tobeng, said the world standard for solar power production was one MW for two ha, but given the company\'s high efficiency, it managed to produce one MW with only 0.6 ha.

He said work on the RM214†million 39.7 ha solar farm project started in†December last year and was expected to be completed by May 28 this year and commercial operation on June 28.

"The power plant will generate 53,651,000 KW/hour per year and saving 800,000 tonnes of carbon emission and create 304 employment opportunities of high skill level," he said.

He said the power plant also has the potential to generate income worth RM14 million to the Perak state government.

-- BERNAMA

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MIDDAY, FRIDAY, MAY 18
US 3.9755/9785
S'pore 2.9597/9631
100 Yen 3.5828/5868
Sterling 5.3705/3761
Euro 4.6927/6974
Source: Bank Negara Malaysia

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