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NEWS
Global Embarks on a Strategic Series of Renewable Energy Asset Acquisitions, Starting with a North Macedonia Solar Farm
Thursday, 19th December at 8:48 am
KUALA LUMPUR, Malaysia, Dec. 19, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) ("VCI Global" or the "Company"), has signed a term sheet to acquire a solar farm with an estimated capacity of 1.14 megawatts (MW), located in Novo Selo, North Macedonia. The acquisition is valued at approximately US$1.26 million (or approximately €1.2 million) and is subject to due diligence and the signing of a definitive agreement.
The bifacial solar farm, equipped with Huawei Technology inverters, achieves a high system performance ratio of over 90%, meaning it operates at more than 90% of its theoretical maximum output despite external factors. These inverters efficiently convert the direct current (DC) electricity generated by the solar panels into alternating current (AC) electricity, which is suitable for distribution through the national grid. The solar farm is connected to the national grid under a Power Purchase Agreement (PPA) with Mega Concept LLC Skopje, ensuring stable revenue streams based on HUPX pricing. In addition to income from energy sales, the project generates significant additional revenue through carbon credits, further boosting its profitability. With a projected payback period of approximately 9 years, the solar farm is expected to deliver strong financial returns throughout its 30-year operational lifespan.
Despite historically relying on lignite coal mining for approximately 30% of its electricity production and gas imports for an additional 15%, North Macedonia has set ambitious decarbonization goals. According to its National Energy and Climate Plan (NECP), the country aims to achieve a 38% share of renewables in final energy consumption by 2030 and 42% by 2040. By the end of 2023, North Macedonia had deployed 535 MW of solar capacity, a significant increase from 190 MW at the end of 2022, according to the International Renewable Energy Agency (IRENA).
Thursday, 19th December at 8:48 am
KUALA LUMPUR, Malaysia, Dec. 19, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) ("VCI Global" or the "Company"), has signed a term sheet to acquire a solar farm with an estimated capacity of 1.14 megawatts (MW), located in Novo Selo, North Macedonia. The acquisition is valued at approximately US$1.26 million (or approximately €1.2 million) and is subject to due diligence and the signing of a definitive agreement.
The bifacial solar farm, equipped with Huawei Technology inverters, achieves a high system performance ratio of over 90%, meaning it operates at more than 90% of its theoretical maximum output despite external factors. These inverters efficiently convert the direct current (DC) electricity generated by the solar panels into alternating current (AC) electricity, which is suitable for distribution through the national grid. The solar farm is connected to the national grid under a Power Purchase Agreement (PPA) with Mega Concept LLC Skopje, ensuring stable revenue streams based on HUPX pricing. In addition to income from energy sales, the project generates significant additional revenue through carbon credits, further boosting its profitability. With a projected payback period of approximately 9 years, the solar farm is expected to deliver strong financial returns throughout its 30-year operational lifespan.
Despite historically relying on lignite coal mining for approximately 30% of its electricity production and gas imports for an additional 15%, North Macedonia has set ambitious decarbonization goals. According to its National Energy and Climate Plan (NECP), the country aims to achieve a 38% share of renewables in final energy consumption by 2030 and 42% by 2040. By the end of 2023, North Macedonia had deployed 535 MW of solar capacity, a significant increase from 190 MW at the end of 2022, according to the International Renewable Energy Agency (IRENA).
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