Maybank finances Ditrolic Solar scheme to generate cheaper electricity

Maybank finances Ditrolic Solar scheme to generate cheaper electricity

KUALA LUMPUR (April 24): Malayan Banking Bhd (Maybank) has provided a RM70 million loan to Ditrolic Solar Group’s company, Ditrolic Energy Solution Sdn Bhd, to fund the group’s SunLease programme, which involves construction and installation of 30MW rooftop solar photovoltaic systems to generate cheaper electricity for consumers in Malaysia.

In a joint statement today, Maybank and Ditrolic Solar said SunLease enables large electricity consumers in Malaysia to buy solar generated electricity from Ditrolic Solar at a lower rate than the prevailing utility tariff.

"Currently, Ditrolic Solar has pipeline projects of more than 150MW and has signed up companies from various industries such as manufacturing, airports, data centres, shopping malls, universities and schools as its electricity customers.

"The solar power generated from these solar projects can supply enough clean energy to power about 12,000 typical homes and reduce more than 28,000 tonnes of CO2 emission every year,” Maybank and Ditrolic Solar said.

Datuk Muzaffar Hisham, group CEO of Maybank’s global banking, said Maybank fully supports the transition to renewable energy given the significant benefits it provides to communities, as well as the positive impact to the environment. 

"Additionally, this financing fits in well with our sustainability agenda, which is anchored on our mission of humanising financial services.

“We believe that the renewable energy sector has immense potential, given the increasing demand for environmentally friendly products and services globally, and we are honoured to support Ditrolic Solar in providing affordable and clean energy to Malaysians. This will further drive our efforts in ensuring that we continue to play a key role in supporting industries that can ensure the sustainability of communities and the environment in the long term,” Muzaffar said.

Ditrolic Solar CEO Tham Chee Aun said the financing demonstrates the confidence of Maybank in renewable energy industries and in Ditrolic Solar as a player in the energy sector. It is also an important step in the advancement of Ditrolic Solar’s mission to deliver affordable and clean energy to customers, Tham said.

"Maybank has strong sustainability goals and this is reflected in its commitment towards funding our clean energy project,” he said.

At Bursa Malaysia today, Maybank’s share price fell two sen or 0.27% to RM7.40, for a market capitalisation of RM83.3 billion. The stock saw 2.18 million shares traded.