Solarpack has bagged a 21-year power purchase agreement (PPA) through a competitive tender for a 116MW PV park in northern Malaysia.
The deal sets the price of electricity at MYR231.8 (US$56.7)/MWh, assuring energy sales of more than MYR800 million (US$186 million) over the contract’s lifetime.
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It was awarded to the Spanish solar developer in a tender launched by Malaysia’s energy commission in February 2019.
The commission published a list of the tender’s five winners – picked from a pool of 112 bids – in December.
The Suria Sunghai Petani solar park must be commissioned before 31 December 2021 in order to meet the conditions of the tender.
The grid-connected facility will produce 180GWh annually to Malaysian utility Tenaga National Berhad.
The project is in the province of Kedah in northwest Malaysia.
With this new project, the company now has a 215MW project backlog in 2019, by its own estimations.
Solarpack, which has operational PV projects in Spain, Chile, Peru, Uruguay and India, revealed a slide in net profits and a major boost in turnover in its Q3 2019 results. Revenues were €38.1 million (US$42 million) for the January to September 2019 period, an 83% jump on the €20.8 million (US$22.93 million) recorded in the same period in 2018.