CN Asia Corporation Bhd (CN Asia) has signed a framework agreement with China’s Jianghe Electromechanical Equipment Engineering Co Ltd (JHEEE), a state-owned enterprise, announcing their collaboration and expanding their presence in Malaysia’s wind energy sector.
The framework agreement outlines the preliminary terms of the partnership, with both parties faithful to investing and working together through a third-party company on a commercial wind energy project.
JHEEE has represented to CN Asia that it has the financial capabilities, manpower, technologies, technical know-how, and resources necessary to design, develop, build, construct, and operate wind turbine farms in Malaysia.
These facilities will be equipped with advanced monitoring and control systems to track power generation, manage charging and discharging, and supply power to the electrical grids. JHEEE has also acknowledged that the project is subject to consent or award by relevant authorities.
Under the agreement, CN Asia will handle liaison, communication, and cooperation with relevant authorities, while JHEEE will contribute financial resources, technology, and expertise. This agreement marks a significant step for CN Asia as it seeks to broaden its revenue base and enhance its role in the wind energy sector.
Specific obligations and further details will be finalized in a definitive agreement following the official award of the project. Also, the shares of CN Asia rose by 1 sen to close at 9.5 sen today, valuing the company at RM 23.24 million.