Ibraco Bhd said its associate company Equinox Power Sdn Bhd has signed a 30-year power purchase agreement with Syarikat Sesco Bhd, the utility arm of Sarawak Energy Bhd, for a large-scale solar photovoltaic project in Sarawak.
In a filing on Bursa Malaysia, the construction group said Equinox Power — in which Ibraco holds a 24.5% stake — entered into the agreement on Thursday.
Under the deal, Equinox Power will develop, construct, own, operate, and maintain a 100-megawatt alternating current (100MWac) solar facility in Similajau, Bintulu Division.
The project will supply electricity to Syarikat Sesco upon commencement of commercial operations, which is targeted for December 2029.
Ibraco said the agreement is not expected to have any material impact on the group’s earnings or net assets for the financial year ending Dec 31, 2026, as the project remains at the development stage.
However, it is expected to contribute positively to future earnings once the facility becomes operational.
Shares of Ibraco closed flat at RM1.16 on Thursday, valuing the group at RM633.4 million.
