OCK Group Bhd is set to invest RM350 million in a large-scale solar photovoltaic (LSSPV) power plant in Kedah through its subsidiary Solarpack Suria Sungai Petani Sdn Bhd (3SP).
The company signed a conditional investment agreement with Spain-based Zelestra Corporacion SAU and Solarpack Asia Sdn Bhd (SPK Asia).
OCK will acquire 1,000 redeemable preference shares in SPK Asia and settle a RM14.23 million loan from Zelestra.
The 116MW solar plant, operational since March 2022, is backed by a 21-year power purchase agreement with Tenaga Nasional Bhd (TNB).
This investment aligns with OCK’s strategy to expand in renewable energy and capitalize on Malaysia’s growing solar industry.
The deal is expected to close by the second quarter of 2025, pending shareholder approval and regulatory clearance. –TMR