Reference is made to the Company’s announcement made on 17 December 2021. Unless otherwise stated, all abbreviations used herein shall have the same meaning as those mentioned in the announcement dated 17 December 2021 in relation to the Conditional Letter of Award – Engineering, Procurement, Construction and Commissioning of Solar Project.

The Board of Directors of Destini wishes to inform that there is no contract value to the CLOA as DESB will have to conduct a feasibility study and power systems study to determine the installed capacity on the 1,177 sites. 

The cost of the EPCC will be borne by Destini after each of the 1,177 sites goes through an assessment and evaluation of its feasibility for the design, construction, installation, operations and maintenance of the solar photovoltaic systems. Following that, DESB and IWK shall enter into a 20 year power purchase agreement (“PPA”) where a fixed tariff is mutually agreed upon and the PPA will be able to determine the value of this Project.

This Announcement is dated 20 December 2021.