OCK Group Bhd has signed a conditional agreement to invest in a 116 MW solar project in Kedah, Malaysia, with an investment value of MYR350 million. The deal involves OCK acquiring a stake in Solarpack Asia Sdn Bhd (SPK Asia), a subsidiary of Spain-based Zelestra. SPK Asia holds a 49 per cent interest in Solarpack Suria Sungai Petani Sdn Bhd, the project’s vehicle. OCK will also assume a MYR14.2 million loan from Zelestra as part of the transaction.
The investment aligns with OCK’s strategy to grow its independent power producer (IPP) business, complementing its ownership of 29 solar plants in Malaysia. The Sungai Petani solar park, operational since March 2022, supplies electricity to Tenaga Nasional Berhad under a 21-year power purchase agreement (PPA). This project was one of the successful bids in Malaysia’s third large-scale solar programme (LSS3) in 2022, reinforcing OCK’s position in the green energy sector.