KUALA LUMPUR: Sustainable energy specialist Kinergy Advancement Bhd (KAB), is expanding into the Philippines, its fourth market in Southeast Asia via a solar power project with Philippine conglomerate, LCS Holdings Inc.
The group's wholly-owned subsidiary, KAB Energy Holdings Sdn Bhd (Kabeh) has signed a Head of Agreement (HOA) with LCS Holding, which has extensive expertise in solar energy development. Under the agreement, Kabeh and LCS will jointly develop a 20 Megawatts-peak (MWp) solar farm project located at Santa Ilocos Sur, Philippines.
The project can be expanded up to 100 MWp. LCS, the project owner, has secured all necessary contracts and permits for this solar farm project.
The signing ceremony was graced by LCS Holdings's chairman and ex-governor of the province of Ilocos Sur, Luis Crisologo "Chavit" Singson.
The project will have a lifespan of 25 years, providing a stable and long-term recurring income for KAB.
The energy produced from the project will be exported to retail electricity supplier or the wholesale electricity spot market in the Philippines.