KUALA LUMPUR (April 21): Taliworks Corporation Bhd on Thursday (April 21) completed the acquisition of majority economic interest in four solar projects from TerraForm Global Operating LP (TerraForm Global) and several of its subsidiaries.
In a statement, the infrastructure company said the solar projects, located within the vicinity of the Kuala Lumpur International Airport, have an aggregate capacity of 19-megawatt peak.
The group will also be acquiring TerraForm Global Operating (Malaysia) Sdn Bhd, an operations and maintenance services provider of the solar project, as part of the transaction.
“Our maiden acquisition will provide Taliworks with a solid platform to further expand into other renewable energy projects.
“Additionally, the four solar projects will immediately serve as a reliable contributor to the Group’s earnings and cashflow, as the projects are fully backed by renewable energy power purchase agreements with investment grade off-takers.
“This acquisition no doubt enhances Taliworks’ already strong financial footing and serves as a potential catalyst for stable growth, moving forward,” according to Taliworks Executive Director, Datuk Ronnie Lim Yew Boon.
The group added that Taliworks will be working diligently in the following weeks to complete the acquisition of the remaining minority economic interests.
Shares in Taliworks finished one sen or 1.09% lower to 90 sen on Thursday, which translates into a market capitalisation of RM1.82 billion.