The project is expected to start operations in the second quarter of 2023.
Jetama Energy and Symbior Solar’s joint venture, Solar PV Power (SPP), has reached a financial close for the 10-megawatt (MW) alternating current solar project in Labuan in Sabah, Malaysia worth $9.7m (MYR43m).
The fund was secured from AmBank Islamic Berhad, whilst Finergreen served as the sponsors’ financial advisor, they said in a statement.
The fund will be used for the power plant’s construction which commenced in 2022. The power plant, the largest in Labuan and one of the largest in Eastern Malaysia is expected to start operations in the second quarter of 2023.
Jetama and Symbior bagged the project following their joint submission in the second round of the Malaysian Large-Scale Solar Programme.
SPP entered a 21-year power purchase deal with Sabak Electricity in December 2021.
