ES Sunlogy Bhd has clarified that its joint venture project to develop a solar hybrid power plant in Baram, Sarawak, will cost an estimated RM488.18 million.
In a filing on Wednesday, the group said the project will be funded through 80% bank borrowings and 20% internally generated funds. Discussions are ongoing with two banking institutions to secure financing, and if additional equity is needed, the company may pursue a private placement of up to 30% of its enlarged share capital, subject to market conditions and regulatory approvals.
The 155MWp solar hybrid plant, which will include a 310MWh battery energy storage system (BESS), is being developed under a 40:60 consortium with Sarawak-based Planet QEOS Sdn Bhd, following a heads of agreement signed on Monday.
The pre-development phase is expected to take no more than 18 months from Aug 11, with construction to begin thereafter and completion targeted by end-2027. The project forms part of Phase 1 of the Baram DeepTech Energy Programme, which aims to supply 500MWac of firm renewable energy to the Sarawak grid by 2027.
On Wednesday, ES Sunlogy’s shares closed one sen lower at 41.5 sen, giving the group a market value of RM287.12 million. The stock has risen 38.2% since its ACE Market debut in February at 30 sen per share.
