Latest news with #LSS5
The Star
5 days ago
- Business
- The Star
Samaiden signs long-term lease for Kelantan solar project
From left: PKINK group chief executive officer Datuk Sr. Zamri Ismail, PKINK deputy group CEO - corporate affairs Ahmad Nazri Ismail, Kelantan Exco careers, infrastructure, water and rural development Datuk Dr Izani Husin, Samaiden group managing director Datuk Ir Chow Pui Hee and Samaiden Sdn Bhd project development director Ts. Makhzumi Ghazali. KUALA LUMPUR: Samaiden Group Bhd's (Samaiden) wholly-owned unit, Samaiden Legasi Timur Sdn Bhd, has signed a long-term lease agreement with Perbadanan Kemajuan Iktisad Negeri Kelantan for the development of a large-scale solar photovoltaic (LSS) power plant under Malaysia's LSS5 programme. The renewable energy company said the lease agreement covers approximately 400 acres of land in Pasir Mas, Kelantan, marking a major milestone for Samaiden. 'The land will be utilised to construct and operate a solar energy facility with a maximum export capacity of 99.99 megawatts of alternating current, to supply clean electricity to Tenaga Nasional Bhd under a Power Purchase Agreement. 'The lease is for 23 years, inclusive of a two-year construction period, and will commence upon fulfilment of several conditions precedent, including the successful award of the LSS5 project by the Energy Commission,' it said in a statement.
The Star
5 days ago
- Business
- The Star
Samaiden inks Kelantan land deal for 99.99MWac solar project
From left: PKINK group chief executive officer Datuk Sr. Zamri Ismail, PKINK deputy group CEO - corporate affairs Ahmad Nazri Ismail, Kelantan Exco careers, infrastructure, water and rural development Datuk Dr Izani Husin, Samaiden group managing director Datuk Ir Chow Pui Hee and Samaiden Sdn Bhd project development director Ts. Makhzumi Ghazali. KUALA LUMPUR: Samaiden Group Bhd's wholly owned subsidiary, Samaiden Legasi Timur Sdn Bhd (SLTSB), has signed a long-term lease agreement with Perbadanan Kemajuan Iktisad Negeri Kelantan (PKINK) to develop a large-scale solar photovoltaic (LSS) power plant under Malaysia's LSS5 programme. In a statement, the renewable energy specialist said the 400-acre lease in Pasir Mas, Kelantan marks a key step in its renewable energy growth strategy. The land will be utilised to construct and operate a solar energy facility with a maximum export capacity of 99.99MWac, to supply clean electricity to Tenaga Nasional Bhd (TNB) under a power purchase agreement (PPA). The 23-year lease, which includes a two-year construction period, will begin once conditions such as the LSS5 project award by the Energy Commission and the signing of the PPA with TNB are met. 'Following our recent EPCC contract win under LSS5, this lease agreement with PKINK marks a major milestone in progressing our LSS5 solar project and aligns with Malaysia's national targets to achieve 70% renewable energy capacity by 2050 and reduce carbon intensity by 45% by 2030,' Samaiden group managing director Datuk Ir. Chow Pui Hee said. 'The site offers strategic advantages for solar development, and we deeply appreciate the strong support from the Kelantan state government in facilitating this initiative. We are grateful for the trust and collaboration extended by both the state government and PKINK in making this project possible. 'At Samaiden, we remain committed to integrity, professionalism, and sustainability, and we hope this collaboration will pave the way for more impactful green initiatives ahead.' In addition to the power facility, Samaiden will also prioritise local hiring and promote renewable energy awareness within the surrounding community. The lease agreement is expected to contribute positively to the local economy by creating job opportunities and fostering knowledge exchange in the renewable energy sector.
New Straits Times
5 days ago
- Business
- New Straits Times
Samaiden seals land lease deal for solar power plant project in Kelantan
KUALA LUMPUR: Samaiden Group Bhd, via unit Samaiden Legasi Timur Sdn Bhd, has sealed a deal to facilitate the development of a large-scale solar photovoltaic (LSS) power plant in Kelantan. Samaiden today signed a long-term lease agreement with Perbadanan Kemajuan Iktisad Negeri Kelantan (PKINK) for the project under Malaysia's LSS5 programme. The lease agreement, which covers about 162 hectares of land in Pasir Mas, marks a major milestone in Samaiden's renewable energy expansion strategy. The land will be utilised to build and operate a solar energy facility with a maximum export capacity of 99.99MWac, supplying clean electricity to Tenaga Nasional Bhd (TNB) under a power purchase agreement (PPA). The lease is for 23 years, inclusive of a two-year construction period, and will commence upon fulfilment of several conditions precedent. This includes the award of the LSS5 project by the Energy Commission and execution of the PPA with TNB. Samaiden group managing director Datuk Ir. Chow Pui Hee said the site offers strategic advantages for solar development and the trust and collaboration extended by both the state government and PKINK help to realise the project In addition to the power facility, Samaiden will also prioritise local hiring and promote renewable energy awareness within the surrounding community. The lease agreement is expected to contribute positively to the local economy by creating job opportunities and fostering knowledge exchange in the renewable energy sector.
The Star
6 days ago
- Business
- The Star
Samaiden to benefit from solar engineering projects
Analysts said the group's long-term growth remained intact. PETALING JAYA: Samaiden Group Bhd is expected to benefit from a surge in solar engineering opportunities amid Malaysia's push for a 70% renewable energy (RE) mix by 2050. Analysts said the group's long-term growth remained intact, despite short-term earnings hiccups linked to margin pressures and project timing. Samaiden's financial results for the nine months ended March 31, 2025 came in largely below expectations. RHB Research said the miss was due to softer margins amid ongoing progress of its corporate green power programme (CGPP) contracts. Kenanga Research similarly pointed to slower job execution and lower-than-expected margins in the CGPP, with the group's core net profit of RM13.1mil accounting for only 55% of its full-year forecast. Despite the earnings disappointment, research houses remained optimistic about Samaiden's prospects as large-scale solar (LSS) contract awards accelerate. RHB Ressearch highlighted that the group recently bagged its third engineering, procurement, construction and commissioning (EPCC) contract under LSS5 – a RM100.7mil project from GVU Fajar Timur Sdn Bhd for a 27.6MWac solar power plant in Kelantan. 'Including the award, the group has secured a total of 67.58MWac (worth RM254.3mil) in EPCC contracts under the LSS5,' it said. TA Research, taking into account recent wins, including the GVU job and a RM45mil award from Pax RE, estimated Samaiden's updated order book at RM588mil – a record high, representing 2.6 times the group's FY24 revenue. It noted that order book replenishment prospects are underpinned by an aggregate 4GW capacity under the LSS5 and LSS5+ auction cycle, which entail EPCC prospects of RM12bil to RM14bil. Kenanga Research added that Samaiden stood a strong chance to secure 10%, translating to RM500mil of the total photovoltaic system EPCC jobs under LSS5, valued at RM5bil. It expected a 'strong influx of job opportunities' with a deadline for LSS5 project completion by end-2026, alongside another 500MW quota under the net energy metering scheme. MIDF Research noted Samaiden was among the shortlisted bidders to develop a 99.99MW solar farm in Kelantan and it has inked a 21-year power purchase agreement with Tenaga Nasional Bhd . 'Samaiden is among the key beneficiaries of EPCC prospects under LSS5, other upcoming large-scale solar schemes, and the long-term RE growth potential from the National Energy Transition Roadmap,' it said. While TA Research and Kenanga Research had trimmed their target prices to RM1.38 and RM1.43, respectively, both retain 'buy' calls, citing strong fundamentals and RE tailwinds. RHB Research lowered its target price to RM1.44 but remained upbeat. 'We expect more positive news flow from the group in the near term – Samaiden targets at least 10% share of the available 2GW capacity,' it said. MIDF Research maintained its target price of RM1.59 and 'buy' rating on Samaiden.
New Straits Times
26-05-2025
- Business
- New Straits Times
Samaiden wins RM45mil solar EPCC contract in Kedah
KUALA LUMPUR: Samaiden Group Bhd has bagged a RM45 million contract to carry out engineering, procurement, construction and commissioning (EPCC) works for a large-scale solar photovoltaic (LSSPV) power plant in Kulim, Kedah. The contract was awarded to its subsidiary, Samaiden Sdn Bhd, by PAXS Renewables Sdn Bhd, the group said in a filing with Bursa Malaysia today. It said the scope includes the full design, engineering, procurement, construction, testing and commissioning of the 9.99 megawatt alternating current (MWac) facility. "The project, approved by the Energy Commission in December 2024 under the Large Scale Solar 5 (LSS5) programme, reflects Samaiden's growing presence in Malaysia's utility-scale solar segment," it said. Samaiden group managing director Datuk Chow Pui Hee said the win under LSS5 reinforces the group's position as a trusted solar EPCC partner. "It also reaffirms our commitment to supporting the government's renewable energy agenda while creating long-term value through consistent execution and sustainable earnings contributions," she said. The project will begin immediately from the May 19, 2025, letter of award date, with on-site works to commence following the issuance of a formal notice to proceed, pending fulfilment of all contractual conditions. The plant is expected to achieve commercial operation by July 12, 2027.
