DUBAI, 3 February 2022: Gading Kencana Sdn. Bhd., (Gading Kencana) which is one of the largest solar farm operators in Malaysia today signed a memorandum of understanding (MoU) with March Global LLC (March Global), a company based in Saudi Arabia to collaborate to develop solar farms in the Middle East, Africa and the ASEAN region.
The agreement signed here in conjunction with the Dubai World Expo 2020 involves an investment value of up to US$1 billion to develop solar farms in developing countries by 2025.
At the ceremony, Gading Kencana was represented by its Managing Director, Prof. Dato’ Dr. Ir. Muhamad Guntor Mansor Tobeng, while the Global March by its Chairman, Tariq Saad Ghazzawi.
Muhamad Guntor said: “This MoU covers activities, transactions, relationships, contracts and work related to developing solar farms with a primary focus on the Middle East and North Africa (MENA) region.
“The MENA region was chosen because it has great potential in renewable energy exploration in line with current global developments that want to reduce dependence on conventional energy sources.
“Besides that, this MoU is also a recognition to companies from Malaysia that prove that Malaysia has expertise in the field of renewable energy, especially solar, which is able to play a role globally through such cooperation.”
Muhamad Mansor added the first collaboration between Gading Kencana and March Global is to develop a solar farm in Khulais, Saudi Arabia with a capacity of 100 megawatts (mw).
He said that after Saudi Arabia, it would be followed by the exploration of investment potential in Ghana and several countries in North Africa.
For the ASEAN region, he said, through the MoU signed, Gading Kencana and March Global will develop solar farms in Vietnam.
“This MoU will enable Malaysian companies such as Gading Kencana to step onto the international stage by taking advantage of developments in the global renewable energy sector which has seen strong growth in the past two years, with new generating capacity reaching almost 280 gigawatts (GW) by 2020, about 45 percent higher than 2019, marking the highest year-over-year increase since 1999, according to the International Energy Agency (IEA).
“Global electricity consumption capacity from renewable energy sources is projected to increase by more than 60 per cent between 2020 and 2026, reaching more than 4,800GW. Very high capacity additions will be the “new normal” in 2022.
“With renewable energy contributing 90 per cent of new power capacity expansion, according to the IEA, local Malaysian companies also need to quickly seize the opportunities that are open globally through partnerships with international companies such as March Global to explore new potential in the country. the country is developing, ”said Muhamad Guntor.
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ABOUT GADING KENCANA SDN BHD
Gading Kencana Sdn. Bhd. The company has 27 years of experience in the solar field including managing mega solar farms in Bidor, Perak and Melaka. Gading Kencana also specializes in large-scale solar energy development, engineering, procurement, construction, testing and commissioning of solar photovoltaic systems.
For more information, visit https://gadingkencana.com.my/.
ABOUT MARCH GLOBAL LLC
From a modest startup with just 10 employees, March Global has grown into a diverse group of companies. Ghazzawi’s business has grown gradually over the years to consolidate its services in various sectors. Since its inception in 1975, Ghazzawi’s business has been driven by precision, perseverance, and vision to engage in rapid market growth and demand for professional services, high quality and innovative solutions. Today, March Global covers a diverse spectrum of businesses from the retail industry, fine jewelry, oil & gas trade, renewable energy and energy efficiency, IT solutions, operational maintenance, service industry security, catering, interior design, architecture & planning cities, construction and real estate development within the Kingdom of Saudi Arabia, as well as across the Arabian Gulf and international markets. For more information visit http://www.marchglobal.co/