Consistent Energy Demand Sees Sarawak Energy Pen PPA Term Sheet with Comtec Solar International (M) Sdn. Bhd.

Kuching, Sarawak, 14 November 2013: Sarawak Energy, through its wholly-owned subsidiary company Syarikat SESCO Berhad (SESCO),today signed a PPA Term Sheet with Comtec Solar International (M) Sdn. Bhd. for the supply of 15MW of power for the first phase of its solar manufacturing plant at Samajaya Free Industrial Zone over a 10-year period. The RM1.2billion investment by Comtec Solar signifies robust demand of energy in Sarawak.

The solar manufacturing plant, which is expected to come online on Q2 2014, will produce an annual capacity of 1GW N Type Mono Solar Wafer. The investment will also see the employment of an estimated 1,300 direct and indirect job opportunities for the locals to look forward to.

Signing for the agreement were Sarawak Energy’s Chief Executive Officer, Datuk Torstein Dale Sjotveit and Comtec Solar International (M) Sdn. Bhd.’s Managing Director Isabel Kow.   

At the brief ceremony, Datuk Torstein said: “We are extremely pleased to have Comtec Solar on board as our investors. The consistent investment and growth in our portfolio showcased the success, as well as potential of SCORE to develop Sarawak to a high-income state. This is yet another significant milestone and achievement for Sarawak Energy in supporting and being the catalyst of the SCORE agenda. The agreement will increase awareness of Sarawak Energy as an international player and put Sarawak on the world map, opening up more opportunities for future foreign direct investment.

Isabel Kow, Managing Director of Comtec Solar International (M) Sdn. Bhd. said: “Since our successful listing on Hong Kong Stock Exchange (SEHK), we have been looking for potential sites to implement our expansion plans. With the State’s far-sighted planning, ongoing projects and diversified portfolio, the selection of Sarawak to invest comes naturally. We are convinced that our facility will be successfully implemented.

Also present at the ceremony from Sarawak Energy were Mr. Lu Yew Hung, Chief Operating Officer, Puan Aisah Eden, Chief of Corporate Services, Mr. Alvin Lim, General Manager for Planning and Strategy and Mdm. Stephanie Chin, Head of Legal.

Under the SCORE initiative, the government is implementing a comprehensive plan to develop the economy by harnessing the State’s competitive advantage in the generation of bulk renewable energy to attract investment and employment in energy intensive industries. This will result directly in the people of Sarawak enjoying higher income and improved standard of living.

To support the State’s SCORE agenda, Sarawak Energy is committed towards harnessing the abundant hydroelectricity resources in a sustainable manner, compliant with Sarawak and Malaysian law and guided by international best practices. Sarawak Energy’s projections indicate that by the middle of the next decade, residential, retail and commercial customers in Sarawak will require 2,000 MW while SCORE customers will consume at least 6,000 MW. The State’s GDP is expected to expand 5-fold by 2030, with approximately 1.6million jobs to be created when SCORE is fully operational.