Boustead Holdings Berhad (Boustead) takes another leap forward in its Reinventing Boustead strategy with the signing of a Memorandum of Understanding (MoU) with Sinohydro Bureau 9 Co. Ltd. International Company (Sinohydro) today.
Sinohydro is a wholly owned subsidiary, international brand, and flagship business of Power Construction Corporation of China (PowerChina), a market leader in engineering and construction projects as well as the driving force behind the People’s Republic of China’s (PRC) industrial development.
The MOU was signed by Boustead Group Managing Director, Dato’ Sri Mohammed Shazalli Ramly and Sinohydro General Manager, Liu Zhi Yong in a virtual signing ceremony.
Among the people who watched the event on the digital platform were Boustead Deputy Group Managing Director, Izaddeen Daud and other senior management team members.
Dato’ Sri Mohammed Shazalli said that the partnership with Sinohydro aims to significantly explore the country’s current available renewable energy resources.
“With our commitment to renewable energy for a greener future, we have created Boustead Hijau Agenda, or BIJAU, which represents our strong green initiatives that are able to fortify Environmental, Social and Governance (ESG) efforts to safeguard sustainable growth.
“This agenda is focused on sustainability-oriented innovation which provides solutions for global and national ESG challenges, improve our ESG performance and address ESG risks.
“In line with our Reinventing Strategy as well as our commitment to become the nation’s leading green technology player, Boustead has the infrastructure to explore and consider solar farming (land, water and air), solar panel manufacturing, solar energy use case and accessibility and other new innovative opportunities,” he stated.
He added that by partnering with Sinohydro, they hope to learn and understand from their expertise in engineering, procurement, and construction to develop land and water based solar farming within the group’s available assets.
“We are also looking at the potential ecosystem of energy independence with renewable energy roof top solar targeted for usage in commercial and residential buildings, as we have access for implementation at our property and industrial developments in areas such as hotels and car parking areas.
“Our potential commencement towards this renewable energy technology and energy saving exercise is envisaged with firstly a pilot project at our own properties,” he emphasized.
Dato’ Sri Mohammed Shazalli said Boustead will also explore solar manufacturing projects of producing photovoltaic products with its subsidiary UAC Berhad as the manufacturer while Sinohydro will act as the strategic technology and marketing partner.
“To further strengthen Boustead’s commitment in the adoption of innovative solutions and reinvent the Group as the nation’s leading renewable energy asset developer, we aim to explore and propose to Sinohydro other large-scale projects such as water irrigation and conservation, farming, railway, subway, road, airport and housing construction, water environment treatment, urban infrastructure construction as well as civil engineering and construction projects.
“Looking forward, we have identified the potential of concentrated solar power (CSP) in the form of microturbine solar power systems where we envision the use of this technology in supplying energy needs for domestic and commercial applications. Microturbine solar power systems can significantly contribute to the future demand of renewable energy resources while reducing greenhouse gas emissions to meet our low-carbon energy goals.
“This venture is set to be part of Boustead’s new sustainable revenue streams to create a new business ecosystem for employment and vendors as well as strengthen a new sector of economy that will be beneficial for the people and the country,” he said.
He concluded that they can potentially create new employment for army veterans which is Boustead’s main vision in business, to enhance the lives of the Malaysian Armed Forces service members, veterans and their family members.
Liu Zhi Yong said that the partnership with Boustead presented a good opportunity for Sinohydro to work closely with the Group and that the MOU was a shining example of the on-going and positive relations between PRC and Malaysia.
“This MOU ceremony signifies the mutual trust between our two countries and as Sinohydro has a strong presence in the construction and engineering industry in PRC while continuously setting the bar on innovation and technological improvement in various sectors of the business, we look forward to working with Boustead in strong cooperation and support,” he added.
