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Panasonic Plans to Invest $286 Million in a Malaysian Solar Power Plant Project

published: 2014-12-29 11:58

Panasonic Corporation announced a plan to invest MYR 1 billion (approximately USD$286 million) in a 50MW green technology power station in Malaysia. The power plant is planned to be located in the Northern Corridor Economic Region (NCER).

Since 1965, Panasonic has invested in and operated many subsidiaries in Malaysia. In a statement announced on December 24th, Panasonic, Japan International Cooperation Agency (JICA) and Northern Corridor Implementation Authority (NCIA) agreed to start evaluating if it is possible to build a new solar power plant in the NCER region. The study will be beginning in January 2015 and will take eight month to find the conclusion. The study would be led by Panasonic in association with NEWJEC Inc.

“NCER has higher solar irradiation than any other part in Malaysia,” pointed out Datuk Redza Rafiq, NCIA chief executive. “Adding that NCER had been identified as a strategic location for projects based on its geographical factor, it could be a good place for establishing solar power plant.”

“In line with the Economic Transformation Programme, NCIA will leverage on the private sector companies to increase the diversification of the energy industry and encourage the use of renewable energy sources such as solar,” added Redza in the statement. “As a regional enabler, NCIA will then leverage on its good relationship with the relevant authorities in providing the necessary assistance towards the successful execution of this feasibility study.”

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