Kinergy Advancement and Permodalan Kedah forge alliance for sustainable energy projects

KINERGY Advancement Bhd (KAB) has inked a memorandum of understanding (MOU) with Permodalan Kedah Bhd (PKB), a state-owned investment company, aimed at fostering sustainable energy projects.

Under the agreement, KAB will leverage its technical expertise and experience in the energy sector, focusing on responsibilities such as the development of solar farms and waste-to-energy projects.

Meanwhile, PKB will play a pivotal role in identifying suitable land for renewable energy initiatives and facilitating project licensing processes.

In a statement released today, KAB said the partnership focuses on the deployment of clean energy, renewable energy, energy-efficient solutions projects and engineering works, among others. This includes the development of solar farms and waste-to-energy generation.

“Beyond this MOU lies a vision for accelerated growth aimed at transforming Kedah into a beacon of progress and innovation,” said KAB’s executive deputy chairman Datuk Lai Keng Onn.

“KAB values PKB’s dedication to advancing the state through innovative technologies that prioritise environmental impact reduction alongside achieving energy conservation, stability and resilience in line with Kedah’s sustainable development objectives,” he added.

The MOU, effective from June 19 for a duration of two years, is expected to bolster KAB’s future earnings trajectory, although it is not projected to materially impact the company’s financial performance for the fiscal year ending Dec 31, 2024 (FY2024). — TMR