Perak Transit signs 20-year deal with TNB, GSPARX to source solar energy

Public transportation terminals operator Perak Transit Bhd has entered into 20-year agreements with Tenaga Nasional Bhd (TNB) and GSPARX Sdn Bhd to source solar energy.

Under the deal, GSPARX will install solar photovoltaic (PV) energy generating systems with a total installed capacity of 422kWp at Perak Transit's Terminal Meru Raya in Ipoh, Kampar Putra Sentral in Kampar, and at three petrol stations.

Perak Transit, which also provides public bus services, said its subsidiaries — namely CKS Bumi Sdn Bhd, CKS Labur Sdn Bhd, Star Kensington Sdn Bhd and The Combined Bus Services Sdn Bhd — will make payments based on monthly billings issued by TNB, the group said in a bourse filing.

The agreements, it said, are part of the group’s environment, social and governance transformation blueprint to become a sustainability leader in Malaysia.

“By installing the solar PV systems with zero capital expenditure to the group, the group expects it will bring in an estimated total savings of RM3.5 million in 25 years and reduce reliance on conventional power sources.

“The solar PV systems will also contribute in helping the group to promote clean energy and minimise the nation’s carbon footprint, with an estimated CO2 offset of 241.5 metric tonnes,” it said.

Shares of Perak Transit closed two sen or 2.2% lower at 87 sen on Monday (Sept 26), giving the group a market capitalisation of RM617.27 million. The counter has risen by 49% year-to-date.