Coastal announce that both its wholly-owned subsidiaries, Coastal Solar Sdn Bhd and Pleasant Engineering Sdn Bhd in collaboration with Bina HT Sdn Bhd known as a consortium had received a Letter of Notification issued by Energy of Commission Sabah that its proposal to develop a solar project has been approved.
The project is based on a RFP issued by the ECoS for the proposed development of the Large-Scale Solar Sabah 2024. The LON was issued to the Consortium subject to certain conditions including the maximum export capacity of the LSS PV Plant shall not exceed 15.00MWa.c. the Solar Power Purchase Agreement to be executed with Sabah Electricity Sdn Bhd shall be for a term of 25 years; and the final commercial operation date ("COD") shall be no later than 30 June 2027 but not earlier than 1 April 2027.
Coastal said it plans to finance the Project through internally generated funds and/or bank borrowings.
