Citaglobal takes control of two hydropower projects in Perak
Citaglobal said the move diversifies its renewable energy portfolio and demonstrates its commitment to Malaysia's vision for a low-carbon economy through structural energy reforms and the increased use of renewable energy.
The deal involves the acquisition of 70 per cent stake in Zeqna Corporation Sdn Bhd (Zeqna) for RM15 million, and 70 per cent in Koridor Mentari Sdn Bhd for RM1, conditional upon the completion of Zeqna acquisition, it said.
According to Citaglobal, the two hydropower assets are projected to generate up to RM19 million in recurring annual revenue under long-term renewable energy power purchase agreements with Tenaga Nasional Bhd.
The remaining 30 per cent stakes in both Zeqna and Koridor Mentari will continue to be held by Perak Hydro Renewable Energy Corp Sdn Bhd, which has been granted water rights by the Perak state government for mini-hydropower development in the state.
"This partnership gives Citaglobal access to strong institutional backing and a pipeline of future hydropower opportunities in a state well-suited for such developments, supported by favourable topography, river hydrology, and established grid infrastructure," it said.
President and executive chairman Tan Sri Mohamad Norza Zakaria said the acquisition of the Slim Hydropower Plant, a revenue-generating brownfield asset, alongside the Kampar hydropower plant, a high-potential, fully approved greenfield project, accelerates the expansion of its renewable energy business by several years.
Mohamad Norza said Slim hydropower plant will provide the company with an immediate source of recurring revenue, while Kampar hydropower plant, benefitting from its newly approved capacity and tariff, promises to deliver exceptional long-term value.
"Together, they provide a well-balanced platform for scaling our clean energy portfolio, which includes solar, waste-to-energy and battery energy storage projects," he added.
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Citaglobal buys stakes in Perak hydro projects
PETALING JAYA: Citaglobal Bhd is acquiring majority stakes in two hydropower projects in Perak for RM15mil. In a statement, the company said it is acquiring a 70% stake in Zeqna Corp Sdn Bhd for RM15mil, and a 70% equity interest in Koridor Mentari Sdn Bhd for RM1, conditional upon the completion of Zeqna's acquisition. 'This strategic acquisition positions Citaglobal to capture immediate renewable energy revenue from the Slim Hydropower Plant, a proven brownfield hydropower asset in Slim, Perak, while the Kampar Hydropower Plant project – with all state-level approvals secured – is poised to generate robust returns on an accelerated timeline,' the company said. The Slim Hydropower Plant, owned by Zeqna, is a 6MW brownfield asset that has been operational since July 2019. The Kampar Hydropower Plant, currently under development by Koridor Mentari, achieved a major milestone with the grant of a new feed-in approval (FiA) on July 25, 2025. Under the revised FiA, the approved capacity has been increased from 5.25MW to 6MW.
New Straits Times
a day ago
- New Straits Times
Citaglobal takes control of two hydropower projects in Perak
KUALA LUMPUR: Citaglobal Bhd's subsidiary Citaglobal Renewable Energy Sdn Bhd has acquired majority stakes in two hydropower projects in Perak for RM15 million. Citaglobal said the move diversifies its renewable energy portfolio and demonstrates its commitment to Malaysia's vision for a low-carbon economy through structural energy reforms and the increased use of renewable energy. The deal involves the acquisition of 70 per cent stake in Zeqna Corporation Sdn Bhd (Zeqna) for RM15 million, and 70 per cent in Koridor Mentari Sdn Bhd for RM1, conditional upon the completion of Zeqna acquisition, it said. According to Citaglobal, the two hydropower assets are projected to generate up to RM19 million in recurring annual revenue under long-term renewable energy power purchase agreements with Tenaga Nasional Bhd. The remaining 30 per cent stakes in both Zeqna and Koridor Mentari will continue to be held by Perak Hydro Renewable Energy Corp Sdn Bhd, which has been granted water rights by the Perak state government for mini-hydropower development in the state. "This partnership gives Citaglobal access to strong institutional backing and a pipeline of future hydropower opportunities in a state well-suited for such developments, supported by favourable topography, river hydrology, and established grid infrastructure," it said. President and executive chairman Tan Sri Mohamad Norza Zakaria said the acquisition of the Slim Hydropower Plant, a revenue-generating brownfield asset, alongside the Kampar hydropower plant, a high-potential, fully approved greenfield project, accelerates the expansion of its renewable energy business by several years. Mohamad Norza said Slim hydropower plant will provide the company with an immediate source of recurring revenue, while Kampar hydropower plant, benefitting from its newly approved capacity and tariff, promises to deliver exceptional long-term value. "Together, they provide a well-balanced platform for scaling our clean energy portfolio, which includes solar, waste-to-energy and battery energy storage projects," he added.
The Star
a day ago
- The Star
Citaglobal acquires majority stakes in two hydropower projects for RM15mil
Citaglobal executive chairman and president Tan Sri Mohamad Norza Zakaria PETALING JAYA: Citaglobal Bhd is acquiring majority stakes in two hydropower projects in Perak for RM15mil. In a statement, the company said it is acquiring a 70% stake in Zeqna Corporation Sdn Bhd for RM15mil and a 70% equity interest in Koridor Mentari Sdn Bhd for RM1, conditional upon the completion of Zeqna's acquisition. 'This strategic acquisition positions Citaglobal to capture immediate renewable energy revenue from the Slim Hydropower Plant, a proven brownfield hydropower asset in Slim, Perak, while the Kampar Hydropower Plant project — with all state-level approvals secured — is poised to generate robust returns on an accelerated timeline,' said Citaglobal. The Slim Hydropower Plant, owned by Zeqna, is a 6 megawatts (MW) brownfield asset that has been operational since July 2019. The Kampar Hydropower Plant, currently under development by Koridor Mentari, achieved a major milestone with the grant of a new Feed-in Approval (FiA) on July 25, 2025. Under the terms of this FiA, the approved capacity has been increased from 5.25MW to 6 MW. Executive chairman and president Tan Sri (Dr.) Mohamad Norza Zakaria said the acquisition of the Slim Hydropower Plant, a revenue-generating brownfield asset, together with the Kampar Hydropower Plant, a fully approved greenfield project with high potential, accelerates the growth of the company's renewable energy business by several years. 'Slim Hydropower Plant will provide the group with an immediate source of recurring revenue, while Kampar Hydropower Plant, benefiting from its newly approved capacity and tariff, promises to deliver exceptional long-term value. 'Together, they provide a well-balanced platform for scaling our clean energy portfolio, which includes solar, waste-to-energy, and battery energy storage projects,' he said in a statement.
