Favorite Links

Saturday, November 21, 2015

Cypark secures 25-year waste management concession from govt

KUALA LUMPUR (Nov 20): Cypark Resources Bhd’s wholly owned unit Cypark Smart Technology Sdn Bhd (CST) has secured a 25-year solid waste management concession from the Malaysian government.

CST, it said, inked the concession agreement on Nov 9 with the Solid Waste and Public Cleansing Management Corp and the government of Malaysia; the government was represented by the Ministry of Housing and Local Government.

Cypark told Bursa Malaysia that the concession is on a build-operate-manage-and transfer concept, but did not specify its monetary value. It only said it expects the contract to contribute positively to its earnings and net assets for the financial years covered under the concession.

Under the agreement, which has been fully executed, CST is granted the rights to design, construct, maintain, operate and manage a solid waste modular advanced recovery and treatment systems, incorporating waste-to-energy systems (SMART WTE System) at Ladang Tanah Merah, Negeri Sembilan.

The SMART WTE System, it said, utilises 100% clean technology concepts and system to reproduce renewable source for the production of renewable energy.

The system consist of a waste receiving facility, a waste segregation facility, a waste recycling facility, a waste to energy plant, a fully anaerobic bioreactor system, and a sanitary landfill.

“Under the agreement, the government shall deliver contracted solid waste from designated scheme areas to CST for treatment and disposal at the Smart WTE system.

CST, it said, shall be entitled to an agreed fee as defined in the concession agreement. The quantum of the fee, however, was not specified.

“CST shall also be generating revenue from sales of electricity for converting the waste to clean renewable energy under the Sustainable Energy Development Authority Malaysia (SEDA) Act.

“CST has been successfully granted Feed-in Tariff (FiT) approval to supply 25MW renewable energy from waste to energy source by SEDA, pursuant to Section 7 of the Renewable Energy Act 2011,” it added.

Cypark is involved in integrated environmental engineering and provides technology. It also provides services such as landfill restoration, waste-water management and treatment, and integrated conception-to-maintenance cycle of a solar farm.

Its shares rose two sen or 1.07% to close at RM1.89 today, for a market capitalisation of RM470 million.

No comments:

Post a Comment