KUALA LUMPUR: Fast Energy Holdings Bhd’s wholly owned subsidiary, Fast Solar Sdn Bhd has entered into a solar power purchase agreement (SPPA) with Volta Energy Sdn Bhd, Apex Office Furniture Exporter Sdn Bhd and Apex Office Furniture Sdn Bhd (collectively Apex Group).

       In a filing with Bursa Malaysia, Fast Energy said the total contract value of the SPPA for the 25-year period was estimated at RM11.75mil.

       Under the SPPA, Fast Energy will engage Volta Energy to construct a solar photovoltaic (PV) system and supply electricity to Apex Group.

       Apex Group will purchase all electricity produced by the Solar PV system (subject to a minimum of 75%) at the rate of RM0.30 per kWh from the Fast Energy Subsidiary throughout the 25-year contract period

       Fast Energy said the total contract value of the SPPA was calculated on the basis that the solar PV system is estimated to produce a total of up to 39,150,200kWh of electricity for the entire 25-year contract period.

       “The SPPA is expected to contribute positively to Fast Energy's in the mid to long term and is in line with its long-term objective to diversify into the renewable energy industry.

       “Further, the SPPA stands to improve the Environmental, Social and Corporate Governance (ESG) aspect of the Fast Energy group’s business,” Fast Energy said.