JAKS Resources Berhad's (JAKS) wholly-owned subsidiary, JAKS Solar Power Holdings Sdn Bhd has entered into a Memorandum of Understanding with China Power Engineering Consulting Group International Engineering Co., Ltd. (CPECC INT'L) to establish an exclusive collaboration to participate in the development and submission of bids to develop solar photovoltaic plants (Solar PV Plants) with a maximum aggregate capacity of 500MWac, under the Energy Commission's fifth Large Scale Solar programme (LSS5).
Under the terms of the MOU, JAKS, a construction and power utilities company specialising in water and other infrastructure projects, power & energy development, and CPECC INT'L shall jointly bid, develop, finance, construct, and operate the Solar PV Plants via a consortium, where JAKS will hold 51% stake while CPECC INT'L will hold 49%.
CPECC INT'L, a subsidiary of China Power Engineering Consulting Group Co., Ltd. ("CPECC"), is a leading power engineering integrative service provider in China and internationally.
JAKS chief executive officer Andy Ang Lam Poah said, "The collaboration with CPECC once again, follows a successful partnership in Vietnam. This collaboration aligns with the Group's overall vision to grow our power & energy segment and further enhances the commitment to expand our renewable energy portfolio. Given the strong track record of both parties, we are optimistic that this partnership will deliver significant value to the Group."