Plus Xnergy Asset (PXA), a wholly-owned subsidiary of Plus Xnergy Holding has signed a corporate power purchase agreement (PPA) with Keysight Technologies. Under the PPA, Plus Xnergy will finance the solar photovoltaic (PV) system installed at Keysight’s Bayan Lepas facility, enabling Keysight to purchase electricity at lower-than-grid rates for the next 20 years. After the 20-year tenure, the system’s ownership will be transferred to Keysight.
PXA said in a statement that the effort supports the Penang Green Agenda 2030 launched last year, aimed at nurturing environmental causes and sustainable development in the state.
It also aligns with Plus Xnergy’s efforts as a member of the United Nations Global Compact, the world’s largest corporate sustainability initiative that calls for companies to align strategies and operations with universal principles on human rights, labour rights, environment and anti-corruption, and takes actions that advance societal goals.
Plus Xnergy is currently installing the solution at Keysight’s Bayan Lepas, Penang facility. Once completed Plus Xnergy will manage the operations of the solar system by providing an end-to-end solution to the system.
The photovoltaic system covers the rooftops of all eight buildings at the site and is reputed to be the largest solar power generation system for Keysight globally. It will reduce the equivalent of approximately 5,000 metric tonnes of carbon dioxide emissions in the first year and more than 95,000 metric tonnes over 20 years.
“We are aggressively pursuing opportunities in the northern states of Penang, Perak and Kedah as many multinational companies are located here with their commitment to sustainability by being part of the RE100 global community.
“We see potential here, especially post-pandemic as many companies seek to transition to net-zero emissions by pursuing 100% renewable strategies,” said Ko Chuan Zhen, Group CEO and co-founder of Plus Xnergy.
The Keysight photovoltaic system installation includes an Energy Performance Management System (EPMS) developed by Plus Xnergy, called SOURCE. This is projected to assist Keysight in monitoring building energy consumption and potentially optimize energy savings.
“We commend our participant, Plus Xnergy, for their dedication and commitment to building a more sustainable Malaysia. In line with Malaysia’s plan on becoming a carbon-neutral country by 2050, we encourage business owners to adopt clean energy through renewable energy methods. We look forward to the upcoming plans and products that position Plus Xnergy as a value creator for ambitious climate action.” said Faroze Nadar, executive director of UN Global Compact Network Malaysia & Brunei.