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OTHERS GOPENG BERHAD ("GB" OR "THE COMPANY") - EXTENSION OF EFFECTIVE PERIOD OF POWER PURCHASE AGREEMENT OF FOUR (4) YEARS RECEIVED BY GBS SURIA SDN. BHD. FOR THE DEVELOPMENT OF LARGE SCALE SOLAR PHOTOVOLTAIC PLANT (LSSPV) OF 50MW AT KAMPAR, PERAK

GOPENG BERHAD

Type Announcement
Subject OTHERS
Description
GOPENG BERHAD ("GB" OR "THE COMPANY") - EXTENSION OF EFFECTIVE PERIOD OF POWER PURCHASE AGREEMENT OF FOUR (4) YEARS RECEIVED BY GBS SURIA SDN. BHD. FOR THE DEVELOPMENT OF LARGE SCALE SOLAR PHOTOVOLTAIC PLANT (LSSPV) OF 50MW AT KAMPAR, PERAK
Reference is made to the Company’s announcements dated 15 March 2021, 19 August 2021 and 27 December 2021.


The Board of Directors of GB wishes to announce that the Company had received a notification letter from the Energy Commission ("EC") dated 8 August 2022 notifying its wholly-owned subsidiary, GBS Suria Sdn. Bhd. ("GBS Suria") on the extension of the Financial Closing Date ("FCD"), Scheduled Commercial Operation Date ("SCOD") and effective period of the Power Purchase Agreement ("PPA") for the Large Scale Solar Photovoltaic Plant (LSSPV) of 50MWac (“Facility”) at Kampar, Perak.


The EC through its letter dated 8 August 2022 notified GBS Suria of the following:-


i. Extension of the FCD from 30 June 2022 to 30 September 2022;

ii. Extension of SCOD from the initial date of SCOD to 31 December 2023; and

iii. Extension of the effective period of PPA with four (4) years extension with a total period from 21 years to 25 years, with the following conditions:-

     a. The agreement related to the period of land use rights shall be amended to ensure that the project site can be used until the end of the PPA, in particular, for a period of 25 years; and

     b. The warranty for solar plant panels and equipment shall be extended, in particular, for a period of 25 years.


The revised terms for the PPA will govern the obligations of GBS Suria and Tenaga Nasional Berhad (“TNB”) to sell and purchase the energy generated by the Facility to TNB for a period of 25 years from the commercial operation date. With the new effective period announced, the Facility will be operated and maintained up until year 2048.


The new effective period of the PPA will be stipulated under the Supplementary Agreement to the PPA which will be signed between GBS Suria and TNB.


The signing of the Supplementary Agreement to the PPA is not expected to have any material impact on the earnings and net assets of GB and its group companies ("GB Group”) for the financial year ending 31 December 2022. However, the Supplementary Agreement to the PPA is expected to contribute positively to the future earnings of GB Group.


None of the Directors, Substantial Shareholders of the Company and/or persons connected to them has any interest, direct and/or indirect, in the PPA and/or Supplementary Agreement to the PPA.


The Company will make further announcements on this matter as and when it deems expedient.


This announcement is dated 23 August 2022.





Announcement Info

Company Name GOPENG BERHAD
Stock Name GOPENG
Date Announced 23 Aug 2022
Category General Announcement for PLC
Reference Number GA1-23082022-00075




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