News

We refer to our announcements dated 15 March 2021, 18 June 2021 and 19 August 2021 in relation to the LSSPV Project which is undertaken by TC Sunergy Sdn. Bhd. (“TC Sunergy”), an indirect 51% owned subsidiary of the Company.

The Board of Directors of the Company wishes to announce that TC Sunergy received a notification letter dated 8 August 2022 from the Energy Commission (“EC”) to inform TC Sunergy on the extension of Scheduled Commercial Operation Date (“SCOD”) and effective period of the Power Purchase Agreement (“PPA”) for the LSSPV Project.

The EC notified TC Sunergy of the following:

1. The SCOD for the LSSPV on 31 December 2023 remains unchanged; and
2. The effective period of the PPA be extended from 21 years to 25 years subject to the following:
   • Related agreements for TC Sunergy’s right to occupy and use the land for the LSSPV Project be extended and aligned for a period of 25 years; and
   •  Related warranties for the relevant solar panel and equipment in respect of the LSSPV be extended and aligned for a period of 25 years.

A supplementary PPA will be executed between TC Sunergy and Tenaga Nasional Berhad to set forth the aforesaid changes.

The supplementary PPA is not expected to have any material effect on the earnings per share, net assets per share and gearing of the TCMH Group for the financial year ending 31 December 2022, and has no effect on the share capital of TCMH and shareholdings of its substantial shareholders. However, the supplementary PPA is expected to contribute positively to the future earnings of the TCMH Group.

None of the Directors or major shareholders of TCMH and/or persons connected with them, has any interests, direct or indirect, in the supplementary PPA.

The execution of the supplementary PPA is not subject to the approval of the shareholders of TCMH.

This announcement is dated 12 August 2022.