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OTHERS SOLAR SYSTEM PROJECT

HWA TAI INDUSTRIES BERHAD

Type Announcement
Subject OTHERS
Description
SOLAR SYSTEM PROJECT

Introduction

 

Hwa Tai Industries Berhad (“Hwa Tai” or “the Company”) wishes to announce that the Company had embarked on a solar project with the installation of solar panels onto the roof of its main factory in Batu Pahat, Johor.

 

The purpose of the solar project is to utilise energy from the sun to reduce operation costs of the Company’s factory and for the Company to play a role in the sustainable energy and environmentally friendly initiatives.

 

Information of the Solar Project

 

The solar project works under the Net Energy Metering (NEM) scheme provided by the Government of Malaysia. The concept of the NEM scheme is that energy produced from the solar system will first be consumed in the Company’s factory and any excess will be exported to the country’s electricity utility company, Tenaga Nasional Berhad (TNB) and the export will be offset to future usage.

 

Details of the solar system are as follows:-

 

Solar energy generation per month: 54,698.29kWh (based on 3.67 peak sun hours)

Generated energy value per month: RM24,122 (based on tariff 0.441)

CO2 (carbon dioxide) avoidance: +/- 638 tonnes annually

CO2 (carbon dioxide) equivalence in tree seedlings grown: +/- 1,552 trees annually

 

The solar system was fully commissioned in September 2023.

 

Cost and Return on Investment of Solar Project

 

The solar project cost RM1,356,045 which is financed by internally generated funds and existing available hire-purchase facility.

 

Total tax savings which comprise tax incentive from Green Investment Tax Allowance and capital allowance claim is estimated to be RM565,440.

 

The return of investment is estimated to take 3 years.

 

Effects of the Solar Project

 

The solar project will not have any effect on the share capital nor on the substantial shareholders’ shareholdings of Hwa Tai.

 

The solar project will not have any effect on the earnings of Hwa Tai Group.

 

The solar project will not have any material effect on the net assets of Hwa Tai Group.

 

There will not be any material impact on the Group’s gearing arising from the solar project. The hire-purchase facility for financing the solar project is not expected to have significant impact on the Group’s gearing.

 

There are no liabilities expected to be assumed by Hwa Tai arising from the solar project.

 

Condition of the Solar Project

 

The solar project is not subject to the approval of the Shareholders of the Company or any other relevant government authorities.

 

Interest of Directors, Major Shareholders and Persons connected with them

 

Insofar as the Directors of Hwa Tai are able to ascertain, none of the Directors and/or major shareholders and/or persons connected with them have any interest, whether direct or indirect in the solar project.

 






Announcement Info

Company Name HWA TAI INDUSTRIES BERHAD
Stock Name HWATAI
Date Announced 15 Sep 2023
Category General Announcement for PLC
Reference Number GA1-15092023-00044



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