Malakoff Corp Bhd is expected to invest RM2.5 billion to develop 500 MW of solar projects within the Albukhary Group of Companies over five years.
The diversified business group comprises the MMC Group, DRB-Hicom and Tradewinds Plantation, among others. Malakoff and MMC Ports have signed a memorandum of understanding (MoU) to undertake business exploration in various green power initiatives with investments worth RM350 million.
This includes but is not limited to any solar scheme under the government’s initiative such as the Corporate Green Power Program (CGPP), Self-Consumption (SelCo), cold ironing or shore-to-ship power supply, installation of electric vehicle charging stations and others.
Malakoff CEO Anwar Syahrin Abdul Ajib said Malakoff and MMC Ports, namely Northport, Johor Port, Tanjung Pelepas and Penang Port are set to embark on a transformative partnership within the CGPP.
Malakoff will assume the role of a solar power producer and MMC Ports as corporate consumers, he said.
Anwar Syahrin said under the SelCo rooftop solar program, the company will serve as the developer for end-user MMC Ports, while Malakoff will manage the installation, operation and maintenance of the solar PV system.
He also noted that in line with the government’s aim to achieve a 70% renewable energy capacity mix by 2050, the two firms are actively exploring opportunities to work within the large-scale solar (LSS) program.
“They are considering the implementation of cold ironing or shore-to-ship power supply solutions. That is the process of providing electricity to the ship at berth, during which, the engines are shut down, significantly reducing greenhouse gas emissions and air pollution,” he said.
Until now, Malakoff’s achievements include a total installed solar capacity of 67 MW through LSS and rooftop solar, as well as a promising 84 MW of hydropower capacity that is steadily progressing towards completion.
Anwar Syahrin said the company is also exploring energy exports to neighboring countries like Singapore.
Malakoff targets to reach an renewables capacity of 1,400 MW by 2031 and achieve a 15% to 20% recycling rate by 2025 from waste collected by subsidiary, Alam Flora.