Kuala lumpur: MK Land Holdings Bhd, through its renewable energy subsidiary, Citra Energies Sdn Bhd, has achieved financial close for the development of a 29.99 megawatt alternating current solar photovoltaic (PV) plant in Kulim, Kedah.
According to BERNAMA News Agency, the property development company announced that the project has brought together a network of strategic global and local collaborators. This includes support from a notable international financial institution with expertise in sustainable finance and investments. The project also involves offtake arrangements with multinational corporations expanding their presence in the region. The engineering, procurement, construction, and commissioning services are being managed by a leading local renewable energy and clean energy solutions provider.
MK Land's chief operating officer - group resources and director of Citra Energies, Frankie Chai, commented that achieving financial close for the Citra Energies project represents a significant step in the company's renewable energy journey. He emphasized the company's long-term commitment to building a sustainable energy platform that contributes to Malaysia's low-carbon transition. He also mentioned that the project underlines a belief in clean energy as a driver of economic resilience and regional competitiveness, strengthening their role in supporting Malaysia's net-zero ambitions.
MK Land highlighted that its involvement alongside established global and local entities reflects confidence in Malaysia's renewable energy framework. It reinforces the importance of experienced parties in delivering reliable, utility-scale clean energy infrastructure. The solar PV plant, once operational, will supply renewable energy directly into Tenaga Nasional Bhd's grid. This energy will be supplied to corporate consumers through virtual power purchase agreements over a 21-year tenure, ensuring stable recurring revenue and addressing the growing demand from multinational corporations and large-scale industrial players for renewable energy solutions.