A wholly-owned subsidiary of Mudajaya Group Berhad (MGB), Mudajaya Energy Sdn Bhd (MESB), has signed a Memorandum of Understanding (MOU) with Concord New Energy Group Ltd (CNE). The agreement will pave the way for a joint venture between the two firms aiming at the development of renewable energy projects in Southeast Asia and China.
Concord New Energy delves primarily into wind power electricity generation.
The two firms have joined hands towards the submission of proposals for the execution of mutually agreed upon particular domestic and foreign projects in the regions. These will specifically look at solar and wind energy power projects.
The MOU will see the establishment of a 50:50 unincorporated joint venture aiming at developing, financing, designing, supplying, installing, building, commissioning, operating, and maintaining projects in renewable energy.
Malaysia-based MSEB delves into the development and operation of power plants in Malaysia as well as Indonesia. Based in Hong Kong, CNE looks at the development and operation of renewable energy power plants in China.
The MOU has been signed for a period of two years. The venture proposed will make it possible for MGB to expand its power and energy division.