Updated: Apr 6
A Malaysian investment holding company JAKS Resources Bhd has announced that it has achieved financial close for its Large Scale Solar 4 (LSS4) project.
The closing has been made from the company's wholly-owned subsidiary JAKS Nibong Tebal Sdn Bhd.
The Large Scale Solar 4 (LSS4) project is located in Seberang Perai, Pulau Pinang.
According to the company statement, iAmBank Islamic Bhd and United Overseas Bank (Malaysia) Bhd have granted financing for the project.
The LSS4 is the maiden project of the group within the renewable energy segment.
"The development of the project is progressing within the stipulated time frame and we are now working towards meeting the next milestone promptly. This will be the stepping stone for the group to grow its business and invest in the energy sector," JAKS chief executive officer Andy Ang Lam Poah, commented.
The group has shared that "it will continue to conduct feasibility studies to explore the development of other renewable energy assets or projects, as it eyes long-term growth for its stakeholders."
It has been reported that JAKS was one of the winners whose bids were selected for Package 2 of the LSS4 project.