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ib vogt GmbH Helmholtzstr. 2-9 10587 Berlin, Germany http://www.ibvogt.com
Contact Mr Head of Communications & Marketing Torsten Bierdel +49 30 397440740
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ib vogt achieves Financial Close and Start of Construction of 116 MWp Solar PV Project In Malaysia

(PresseBox) (Kuala Lumpur/Malaysia, )
ib vogt announces today the successful financial closing and start of construction of Coara Marang Solar Project. The project of 116 Megawatts (MWp) has been developed, in consortium with its Malaysian project partner Coara Solar, under the third round of the Large Scale Solar (LSS3) scheme issued by Suruhanjaya Tenaga (Energy Commission of Malaysia) in 2019 as part of the government’s efforts to increase the country’s renewable energy mix from 2% to 20% by 2025.

In June 2020, the project signed a 21-year Power Purchase Agreement (PPA) with the country’s largest electricity utility, Tenaga Nasional Berhad (TNB). It has now secured a senior debt facility from Malayan Banking Berhad (Maybank), one of the largest banks in Southeast Asia and a strong supporter of renewable energy projects.

The power plant located in Marang, Terengganu – in north-east of Peninsular Malaysia, comprising 245 hectares, will deploy high-class bifacial technology mounted on single-axis trackers, in order to achieve maximum energy production efficiency. Once operational in Q1, 2022, Coara Marang Solar Project will deliver circa 230 GWh of clean energy per year and avoid more than 170,000 tonnes of CO2 emissions per annum.

"We are pleased to announce this important milestone, which was made possible thanks to our experienced team and committed financing partner Maybank, as well as the support of local authorities. Malaysia is a market with huge potential for renewable energy and ib vogt is dedicated to support on meeting the country's renewable energy targets by delivering this important project as planned during these challenging times.", says Anton Milner, Managing Director of ib vogt GmbH.

ib vogt GmbH

Established in 2002, ib vogt is a manufacturer-independent integrated developer specializing in the development, design & engineering, financing, EPC, operation & maintenance and asset management of solar power plants. The company provides high-quality turnkey solar power plant solutions, designed and engineered in Germany, to end investors internationally.

Since 2009 the family-owned company has realized plants with a total rated capacity of over 1.53 GWp worldwide and is currently in the process of constructing a multi-hundred MWp order backlog for 2021. The company is creating business in 55 countries and is additionally progressing a multi-GW Project pipeline.

ib vogt entered the Asian market in 2012 and is now represented by subsidiaries and local teams in 9 countries with realised projects or projects in execution in Indonesia, Thailand, Philippines, Malaysia, Myanmar and India. In the key market Vietnam ib vogt has been active since 2018 developing large scale ground mounted solar plants.

Visit our website: www.ibvogt.com

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The publisher indicated in each case (see company info by clicking on image/title or company info in the right-hand column) is solely responsible for the stories above, the event or job offer shown and for the image and audio material displayed. As a rule, the publisher is also the author of the texts and the attached image, audio and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.