KUALA LUMPUR: Teo Seng Capital Bhd has hired Solarvest Holdings Bhd to install solar photovoltaic panels across its chicken farms and factories in Johor.
In an exchange filing today, Teo Seng has allocated a capital expenditure (capex) of about RM13 million for the installation involving 4,000 kWp (kilowattpeak) rooftop solar projects.
The investment was in line with the company’s aspiration of being an environmentally sustainable organisation as well as supporting the government’s initiatives to encourage the use of green energy.
“The renewable energy generated will be used for the daily operations of Teo Seng’s facilities and is expected to bring savings to the company’s electricity costs and positively contribute to the global environment conservation efforts,” it said.
Teo Seng said the finalised installation capacity and capex shall be referred to engineering, procurement and construction (EPC) agreement.
“Both parties are mutually agreed to enter into separate EPC agreement by the respective subsidiary companies for each project within 12 months.