Cybark gets go-ahead for smart plant in Malaysia
In a filing with Bursa Malaysia the company said on 3 February it received the confirmation of the feed-in tariff commencement date (FiTCD) from the Sustainable Energy Development Authority for the solid waste modular advanced recovery and treatment waste-to-energy (smart WTE) plant in Ladang Tanah Merah.
The smart WTE is a RE power plant that uses biomass (solid waste) as feedstock and has an installed capacity of 19.73 megawatts.
The plant reportedly missed its targeted commercial operation date in September last year.
On 4 January Jakel Group emerged as Cypark’s single largest shareholder after taking up 176.65 million new shares under the integrated RE player’s private placement exercise for RM67.1 million (€14.5m), or 38 sen apiece.
The bulk of the cash call’s proceeds had partially been earmarked for the working capital of the Ladang Tanah Merah plant. Cypark said pursuant to the FiTCD, Tenaga Nasional Bhd would purchase electricity at the pre-agreed feed-in tariff rate. It said the project was expected to have material impact on its earnings and net assets for the financial year ending 30 April and subsequent financial years.