KUALA LUMPUR (Oct 5): Cypark Resources Bhd unit Cypark Renewable Energy Sdn Bhd has signed a memorandum of understanding (MOU) with Trina Solar Development Pte Ltd to explore business opportunities in the renewable energy (RE) segment in Malaysia and cross-border.

Under the MOU, Cypark and Trina Solar have agreed to conduct joint marketing, and work in tandem to unlock new opportunities, the companies said in a statement.

Both parties will cooperatively collaborate to drive sustainability initiatives and “promote the adoption of renewable energy in Malaysia, as well as cross-border electricity supply to Singapore”, the companies said.

The MOU was signed at the 14th International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM) 2023 at the Kuala Lumpur Convention Centre on Thursday.

“This MOU signifies a deeper, strategic and more comprehensive partnership between Cypark and Trina Solar,” the companies said.

Trina Solar said its Southeast Asia Region sales director Elva Wang will support Cypark with its production capabilities and integrated offering of solar modules, trackers and energy storage solutions.

This will enable “simpler contracting and compressed project execution timeframes, and unlock lower risk single point accountability in service,” Wang said.

Describing Trina Solar as a leading global photovoltaic and smart energy total solution provider, Cypark deputy group CEO Lindayani Tajudin said the partnership aims to “maximise all possible opportunities to develop RE in Malaysia”.

“Moving forward, Cypark will achieve ever-greater sustainability milestones and will play an active role in shaping a more sustainable future for all,” Lindayani said.

Cypark has two ongoing large scale solar projects due for completion by end-2023, namely the 60-megawatt (MW) SS2 floating solar project in Danau Tok Uban, Kelantan, and the LSS3 solar project in Merchang, Terengganu.

The group is targeting 800MW of generation capacity by end-2027, from over 200MW currently.

Shares of Cypark settled up half a sen to 89.5 sen on Thursday, giving it a market capitalisation of RM714.15 million. The counter has risen by 90.4% this year.