Catalist-listed Hatten Land has announced on Nov 10 that it will form a joint venture company with Malaysia-listed Nestcon to develop and manage solar panel facilities in Malaysia.
The joint venture company’s first project is a 3.19-megawatt solar photovoltaic plant and facility that will involve the installation of more than 6,000 solar panels on the rooftop of the Dataran Pahlawan Melaka mall which is managed by the Hatten Group.
See: Hatten Land forms JV with HydraX to develop and operate cryptocurrency exchanges in Singapore and Malaysia
Upon completion of the project in 2022, the project will generate approximately 3,900 MWh per year. The joint venture company will enter into a power purchase agreement and manage the project for 21 years.
According to Hatten Land, the joint venture agreement is part of its strategic pivot to repurpose its malls in Malsysia for digital and blockchain activities including cryptocurrency mining enabled by renewable energy.
Hatten Land and Nestcon will also collaborate with other potential partners to jointly secure, supply, construct and manage large-scale solar photovoltaic facilities, targeting 100 MWp, in Malaysia.
Shares in Hatten Land closed down 0.1 cents or 1.59% lower at 6.2 cents on Nov 9.
