FIHB partners Sunview to expand RE venture

Sunview’s outstanding track record in EPCC works and technical expertise puts FIHB in a good position to acquire existing solar farms

by NURUL SUHAIDI / pic by TMR FILE

FEDERAL International Holdings Bhd (FIHB) via its joint-controlled entity Warrants RE Assets Sdn Bhd (WREA) has signed a Memorandum of Understanding (MoU) with Fabulous Sunview Sdn Bhd to collaborate on development of renewable energy (RE) projects in Malaysia.

Under the MoU, Sunview will become the main contractor to carry out repairing and upgrading works for solar plants in Malaysia after WREA identifies and acquires RE assets and required plants.

FIHB’s ED, Datuk Choy Wai Ceong, stated Sunview’s outstanding track record in engineering, procurement, construction, commissioning (EPCC) works and technical expertise puts FIHB in a good position to acquire existing solar farms followed by refurbishment and upgrade works.

Appointed by Malaysia Debt Venture (owned by the Ministry of Finance (MoF)) as an auditor for solar plants, Sunview has completed a total portfolio of more than 200 megawatts direct current capacity in solar power generation since the past eight years. In addition to that, Asia

Greentech Fund (AGTF), is an indirect preference shareholder of Sunview who provides financial support to undertake EPCC works on RE projects.

Malaysia Venture Capital Management Bhd, which is a wholly-owned subsidiary of the MoF, is a partner in AGTF.

Choy added the focus of the collaboration would be on the acquisition of existing solar plants that require upgrade and refurbishment to improve efficiency.

“With Sunview’s technical know-how to refurbish and upgrade the assets, we aim to bring their capacity back to an optimum level. This will help to generate positive operating cash flow for the Group immediately,” he stated in a release yesterday.

The collaboration and investment into Sunview also seeks to bridge the gap in expertise and technical know-how for FIHB.

Choy added the participation is important to ensure a seamless collaboration with State Power Investment Corp (SPIC), one of China’s Top five power generators.

In September 2021, WREA signed a Memorandum of Understanding with SPIC Energy Malaysia Bhd, a wholly-owned subsidiary of SPIC, for both parties to enter into a business collaboration to acquire in part or in whole operating Feed-In Tariff, Net Metering and Large Scale Solar farms.

The success of the collaboration will place WREA in a good position as an RE project owner, which will generate positive cash flow and a sustainable recurring income stream for FIHB.

FIHB’s move into the RE sector is a step up for the company, which has a track record in the furniture and construction industries.