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Coral Power Sdn Bhd (“CPSB”) was acquired by Minetech Resources Berhad (“MRB”) in 2017 as the Special Purpose Company for power generation business activities. MRB in line with the Eleventh Malaysia Plan, 2016-2020 towards sustainable growth, recognises the potential and importance of renewable energy, has identified solar power as a viable and reliable source of renewable energy. MRB is determined to play a part among many other private corporations in supporting the strategies outlined by the Government of Malaysia, in particularly on pursuing green growth for sustainability and resilience through programs implemented by the Energy Commission (“EC”) and the Ministry of Energy, Green Technology and Water (KeTTHA) of Malaysia.
For locality factor, MRB has identified a 75-acre of decommissioned mining pond at Pantai Remis, Perak as the proposed floating LSSPV project site. The decommissioned mining pond is neighbouring the Segari gas power plant.
CPSB has subsequently been awarded the project directly by the EC in 2018. This LSSPV is CPSB’s first foray into the power sector while it continues to identify other business opportunities in renewable energy.