We are pleased to announce that Skrine represented Sime Darby Properties Berhad (“SDP”) in a joint venture with GSPARX Sdn. Bhd. (“GSPARX”), a wholly owned subsidiary of Tenaga Nasional Berhad for the development of rooftop solar projects in the SDP group’s townships and developments.
 
This collaboration will leverage Sime Darby Property’s extensive portfolio of assets and developments, and GSPARX's expertise in delivering rooftop solar projects. The joint venture will focus on financing, developing, and operating rooftop solar generation projects throughout Sime Darby Property’s asset portfolio and townships.
 
To date, 14 assets have been identified, with the potential to generate up to 4.5 MW of solar capacity, marking a significant step towards a greener future. The joint venture aims to expand its solar capacity to 20 MW within five years and 50 MW within fifteen years.
 
Skrine represented SDP in preparing, negotiating and finalising a joint venture and shareholders’ agreement between a wholly owned subsidiary of SDP, GSPARX and a newly established joint venture company.
 
Lawyers from our Firm also reviewed the EPC contract, the SARE agreement and O&M contract to be entered into in respect of the joint venture.
 
The transaction team was led by Partners, Richard Khoo, and Tan Wei Xian, and supported by Partner, Fariz Abdul Aziz, Senior Associate, Rachel Chiah, and Associate, Siti Sarah Binti Iskandar.
 
Media coverage of the transaction can be accessed at:
 
https://www.simedarbyproperty.com/sites/default/files/2024-07/20240711-For%20Immediate%20Release-%20Sime%20Darby%20Property%20and%20TNB%20Launch%20Joint%20Venture%20to%20Empower%20Sustainability%20Agenda%20in%20Malaysia.pdf
https://theedgemalaysia.com/node/718600
https://www.simedarbyproperty.com/press-releases/sime-darby-property-and-tenaga-nasional-berhad-seal-memorandum-understanding-solar
https://www.tnb.com.my/assets/press_releases/ENG_20231220_68.pdf
https://theedgemalaysia.com/node/683408