The developer of a 10MW solar project in Malaysia has reached final investment decision.
A joint venture of Jetama Energy and Symbior Solar is developing the site in Labuan, Sabah in eastern Malaysia.
A Myr43m (€9.1m) project finance facility has been provided by AmBank Islamic Berhad.
Finergreen acted as the exclusive financial advisor for Solar PV Power (SPP), the joint venture developing the site.
The project was awarded after Jetama and Symbior’s joint bid submission under the second round of the Malaysian Large Scale Solar program (LSS2).
SPP signed a 21-year power purchase agreement with Sabah Electricity (SESB), the local utility company operating in Sabah and Labuan, in December 2021.
The credit facility will be used for the construction of the power plant, which is expected to be operational within the second quarter of 2023.