Meta Bright secures offer letters from five mosques and surau in Johor for NEM solar programme

KUALA LUMPUR (March 28): Meta Bright Group Bhd announced that its wholly-owned subsidiary FBO Land (Setapak) Sdn Bhd has issued offer letters regarding its solar programme to five mosques and surau in Johor, to which the five clients have accepted the letters.

The offer letters entail the design, finance, installation, construction, commission, operation and maintainance of the solar photovoltaic (PV) generating plants at the client’s site — leveraging on FBO’s status of a registered solar PV investor, said the group in its filing.

The five letters bring Meta Bright’s order book at circa RM15.45 million. Meta Bright’s share price closed unchanged at 17 sen on Tuesday (March 28), valuing the group at RM385.57 million.

The group said the programme has a period of 21 years and the clients will purchase all renewable electricity generated by the plants, which will generate recurring income to FBO.

It also entails a 15% discount to prevailing Tenaga Nasional Bhd (TNB) tariff rates, equipped with imbalance cost pass-through (ICPT) for the clients.

“On top of that, the client has the option to sell the unused generated renewable energy to TNB’s grid in exchange for credits, pursuant to the NEM GoMEn Programme.”

Under the programme, the energy produced from the plant on government premises — including Islamic assembly buildings for worship and religious instructions — will be consumed first and any excess will be exported to the TNB grid.

Credits received from the exported energy will be used to offset part of the electricity bill of the exporter on a one-on-one offset basis.