Monday, 13 March 2023
KPS Berhad Signs MoU for Corporate Green Power Agreement
- Embedding further sustainability risks and opportunities in corporate and business strategy.
- Participation in the CGPP supports the Group’s sustainability journey and initiates its climate agenda.
Shah Alam, Malaysia, 13 March 2023 – Kumpulan Perangsang Selangor Berhad (“KPS Berhad” or “the Company” or “the Group”) has announced the signing of a Memorandum of Understanding (“MoU”) with Worldwide Holdings Berhad (“WHB”), Dynac Sdn Bhd (“Dynac”), and Majulia Sdn Bhd (“Majulia”) (“the Consortium) concerning the possibility of negotiating and entering into a long-term Corporate Green Power Agreement (“CGPA”) between KPS Berhad and its participating subsidiary companies as the off-taker and a special purpose vehicle (“SPV”) of the Consortium as the provider.
The Consortium is currently participating in the Energy Commission of Malaysia’s Corporate Green Power Programme (“CGPP”) for the development, construction, and operation of the Cyberjaya Floating Solar Farm project (“the Project”). The agreement will explore the possibility of procuring solar energy for KPS Berhad and its participating subsidiary companies including Toyoplas Manufacturing (Malaysia) Sdn Bhd, CPI (Penang) Sdn Bhd, Prestige Packages Sdn Bhd, and Taspack Industrial Sdn Bhd.
The MoU is a part of KPS Berhad’s sustainability commitment, embedding further considerations on sustainability risks and opportunities into its corporate and business strategy with the ultimate goal of managing the Group’s carbon footprint. By participating in the CGPP KPS Berhad would receive in return the renewable energy certificate (“REC”) that could be used to offset its greenhouse gas (“GHG”) emissions.
This participation supports the Group’s long-term sustainability journey and initiates its climate agenda by kickstarting the latter’s climate action to eventually achieve 45% carbon emission reduction by 2030 and carbon neutrality for the Group’s operations by 2050.
KPS Berhad’s Managing Director/Group Chief Executive Officer, Ahmad Fariz Hassan said, “Our carbon neutrality agenda for the Group includes a pivotal action plan of carbon reduction and removal as part of our climate action strategy. This initiative is expected to play a significant role in achieving our goal of carbon neutrality, in addition to process and energy efficiency exercises already taken place at our manufacturing plants and other business activities.”
The Corporate Green Power Agreement between KPS Berhad and the Consortium is a step towards a more sustainable future. By exploring the possibility of procuring solar energy for its business operations, KPS Berhad is taking an important step towards reducing its carbon footprint and contributing to a cleaner and greener future. The solar project will comply with applicable laws and industry standards for health, safety, and the environment, ensuring clean and sustainable energy.
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About Kumpulan Perangsang Selangor Berhad (www.kps.com.my)
Incorporated on 11 August 1975, Kumpulan Perangsang Selangor Berhad (“KPS Berhad” or “the Group”) is a global investment holding company listed on the Main Market of Bursa Malaysia Securities Berhad under the Industrial Products & Services Sector. KPS Berhad has core investments in the Manufacturing sector. While enhancing shareholder value by optimising returns, KPS Berhad is committed to contributing toward sustainable economic, environmental, and social development.
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