Source: Media Outreach
KUALA LUMPUR, MALAYSIA – Media OutReach – 3 March 2022 – In support of its Group’s ambition to be a net zero carbon organization by 2030, Lotus’s Stores (Malaysia) Sdn Bhd (“Lotus’s Malaysia”) had on 3 March 2022 entered into its second Power Purchase Agreement (PPA) with Asia’s renowned premium carbon neutral and financing solutions company, NEFIN Group (“NEFIN”).
The Lotus’s-NEFIN PPA will run for 20 years till 2042 and see the installation of solar photovoltaic (PV) panels on the rooftop spaces of 12 more Lotus’s stores nationwide as well as its Fresh Distribution Centre (DC) in Simpang Pulai, Perak.Once the installation is completed in August 2022, the solar PV panels will collectively generate about 9,300,000 kilowatt-hours (kWh) of clean energy per year, thus reducing approximately 5,943 tonnes of carbon emissions into the atmosphere.”This is the second phase of our solar energy push which began in July 2020. We first entered a PPA with NE Suria Satu Sdn Bhd (NESS), a joint-venture company of PETRONAS and NEFIN Group for the installation of PV panels in 15 former Tesco stores nationwide. To date, Lotus’s would have the largest commercial solar PV installation in Malaysia,” said Lotus’s Malaysia President, Mr. Kenneth Chuah.”With these new 12 stores under the Lotus’s-NEFIN PPA, we will now have 27 out of our existing 64 stores as well as one DC that are running on clean energy and together with phase one, Lotus’s would be able to significantly reduce its carbon emissions by approximately 14,761 tonnes annually, thus reducing our overall carbon emissions. This push in environmental sustainability is just one of the many ways that we are doing to mitigate climate change, which already includes redistributing our unsold but safe and edible food to non-governmental organizations and stopping the provision of single-use plastic carrier bags in our stores since July 2021.”Mr. Chong Bor Hung, NEFIN Group’s Head of Business Development and Managing Director (Malaysia) shared, “NEFIN is delighted to be selected once again by Lotus’s Malaysia for their Phase 2 solar projects for 13 sites across Malaysia. Having repeated customers is a testament to NEFIN as it shows the trust they have in our ability to deliver value and innovative solutions. With investment from ACEN, the energy platform of Ayala Corporation, we have built the strong foundation necessary to provide comprehensive carbon neutrality solutions for our customers across APAC.”NEFIN will fully invest in the 13 solar PVs which include the design, installation, operation, and maintenance of the solar PV systems. Main Market-listed Solarvest Holdings Bhd has been appointed as the local Clean Energy Specialist for this project.Besides the Fresh DC in Perak, stores which will be fitted with the solar PV panels are Lotus’s Manjung, Sungai Dua, Sungai Petani Utara, Ara Damansara, Jenjarom, Putra Nilai, Seremban 2, Melaka Cheng, Melaka Hyper, Kulai, Mutiara Rini and Plentong.Click HERE to download contract signing photosThe issuer is solely responsible for the content of this announcement. – Published and distributed with permission of Media-Outreach.com.
