Warrants RE Assets Sdn Bhd (“WREA”), a company in which Federal International Holdings Berhad (“FIHB”) has 50% equity, has today signed a Memorandum of Understanding (“MOU”) with SPIC Energy Malaysia Berhad (“SPICM”), for both parties to enter into a business collaboration to acquire in part or in whole operating Feed-In Tariff (“FiT”), Net Metering (“NEM”) and Large Scale Solar (“LSS”) solar farm.

WREA is a company incorporated in Malaysia on 21 September 2021, whose principal activities are investing in renewal energy sector.

SPICM is a wholly-owned subsidiary of SPIC, which is one of China’s top five power generators. Being a Global Fortune 500 company, SPIC has a sound presence in the international energy market and has a presence in many countries. With more than 126 GW installed generation capacity, SPIC also plays a significant role in China and the internal renewable energy sector.

The collaboration will focus on the acquisition of solar farm, which would then undergo a process of repair and upgrade under a team led by SPIC. This will help the escalation of the turnaround of the solar farm that has been acquired and help to generate immediate positive cashflow. WREA is responsible for the funding and SPICM shall provide technical support in relation to the Solar Power Plant and other RE projects in Malaysia.