Lotus’s Malaysia awarded NEFIN to equip 12 more stores and one Distribution Centre with solar panels

KUALA LUMPUR, MALAYSIA - Media OutReach - 3 March 2022 - In support of its Group's ambition to be a net zero carbon organization by 2030, Lotus's Stores (Malaysia) Sdn Bhd ("Lotus's Malaysia") had on 3 March 2022 entered into its second Power Purchase Agreement (PPA) with Asia's renowned premium carbon neutral and financing solutions company, NEFIN Group ("NEFIN").

The Lotus's-NEFIN PPA will run for 20 years till 2042 and see the installation of solar photovoltaic (PV) panels on the rooftop spaces of 12 more Lotus's stores nationwide as well as its Fresh Distribution Centre (DC) in Simpang Pulai, Perak.

Once the installation is completed in August 2022, the solar PV panels will collectively generate about 9,300,000 kilowatt-hours (kWh) of clean energy per year, thus reducing approximately 5,943 tonnes of carbon emissions into the atmosphere.

"This is the second phase of our solar energy push which began in July 2020. We first entered a PPA with NE Suria Satu Sdn Bhd (NESS), a joint-venture company of PETRONAS and NEFIN Group for the installation of PV panels in 15 former Tesco stores nationwide. To date, Lotus's would have the largest commercial solar PV installation in Malaysia," said Lotus's Malaysia President, Mr. Kenneth Chuah.

"With these new 12 stores under the Lotus's-NEFIN PPA, we will now have 27 out of our existing 64 stores as well as one DC that are running on clean energy and together with phase one, Lotus's would be able to significantly reduce its carbon emissions by approximately 14,761 tonnes annually, thus reducing our overall carbon emissions. This push in environmental sustainability is just one of the many ways that we are doing to mitigate climate change, which already includes redistributing our unsold but safe and edible food to non-governmental organizations and stopping the provision of single-use plastic carrier bags in our stores since July 2021."

Mr. Chong Bor Hung, NEFIN Group's Head of Business Development and Managing Director (Malaysia) shared, "NEFIN is delighted to be selected once again by Lotus's Malaysia for their Phase 2 solar projects for 13 sites across Malaysia. Having repeated customers is a testament to NEFIN as it shows the trust they have in our ability to deliver value and innovative solutions. With investment from ACEN, the energy platform of Ayala Corporation, we have built the strong foundation necessary to provide comprehensive carbon neutrality solutions for our customers across APAC."

NEFIN will fully invest in the 13 solar PVs which include the design, installation, operation, and maintenance of the solar PV systems. Main Market-listed Solarvest Holdings Bhd has been appointed as the local Clean Energy Specialist for this project.

Besides the Fresh DC in Perak, stores which will be fitted with the solar PV panels are Lotus's Manjung, Sungai Dua, Sungai Petani Utara, Ara Damansara, Jenjarom, Putra Nilai, Seremban 2, Melaka Cheng, Melaka Hyper, Kulai, Mutiara Rini and Plentong.

Click HERE to download contract signing photos

About Lotus’s Malaysia

Lotus's Stores Malaysia Sdn Bhd (Lotus's Malaysia), formerly known as Tesco Malaysia, is a member of the Charoen Pokphand Group Co Ltd (C.P. Group) since December 2020. The C.P. Group is a multinationalconglomerate, operating across various industries ranging from agricultural, industrial to service sectors. C.P. Group currently has investments in 21 countries and economies.

Having acquired Tesco Malaysia's business in December 2020, Lotus's Malaysia has assumed the operations of all existing Tesco stores, employing 9,000 employees across one head office, two distribution centres and 64 stores throughout Peninsular Malaysia. Lotus's also has Malaysia's most extensive online grocery home shopping network with over 100 delivery trucks and operations in Penang, Johor Bahru, Melaka, Negeri Sembilan and Ipoh.

As a testament to the work that it has been doing in delighting customers every day, Lotus's was awarded the Best Foreign Retailer and Fair Price Shop Award 2020 by the Ministry of Domestic Trade and Consumer Affairs in November 2021.

To learn more about our sustainability efforts, do visit https://corp.lotuss.com.my/.

About NEFIN Group

NEFIN Group is a regional renowned carbon neutrality solutions provider and investor with a bespoke unified energy management platform committed to achieve carbon neutrality for organizations and is backed by AC Energy. Founded by a core management team of DuPont Solar Business, the management team has grown into a well-rounded team of engineers, legal experts, investment bankers and techno-commercial experts with the combined experience of over 40+ years of project development in Asia and 50+ years of engineering experience. NEFIN Group has over 3000MW of utility-scale, commercial, and industrial rooftop solar systems in its combined portfolio regionally. As a strong cohesive team, NEFIN Group is able to offer a comprehensive 360-degree assessment and full-suite of services on socially responsible and commercially viable projects through innovative approaches to technology under its unified energy management platform. NEFIN believes the future of the world is everyone's responsibility and strives to redefine energy boundaries towards a sustainable future.

Please refer to NEFIN's website www.nefinco.com for more information.

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