Scomi Plans to Venture into Solar Power Distribution

Country president Zubaidi Harun concurred that the company’s focus mirrors Tenaga Nasional Bhd’s objective to have a balance between renewable and conventional energy sources.

Scomi Group Bhd is planning to enter into the renewable energy sector especially in solar power distribution as the company sees a good potential for growth in this sector.

Chief financial officer of Scomi Group Mukhnizam Mahmud said the company sees no increased activity for its oilfield services business segment.

“We think that [the RE industry] is the growth industry for us, such as in hydro and solar energy. We are bidding for several projects and are in talks with potential partners,” he told reporters after Scomi Group’s extraordinary general meeting (EGM).

Country president Zubaidi Harun concurred that the company’s focus mirrors Tenaga Nasional Bhd’s objective to have a balance between renewable and conventional energy sources.

“There are opportunities and development for the renewable energy-mixed portion expansion,” he said.

Zubaidi believed the renewable energy contribution would be larger for the hydro power than the solar energy.

“We don’t think there will be a lot of changes in terms of performance as the O&G is a challenging industry,” he said, adding that the growth will come from the renewable energy.

Source: New Straits Times