KUALA LUMPUR, 27 November 2019 – Plus Solar Systems Sdn Bhd reported close to RM100 million in revenue for the first eight months of this financial year ending March 2020, which reflects a jump of RM64 million in revenue from the previous financial year.
Co-Founder and CEO of Plus Solar Systems Sdn Bhd, Ko Chuan Zhen said the company has seen an increase in uptake by over 100% since 2018 which proved that there is greater awareness of the incentives for embracing green energy like solar.
“Many are taking advantage of the Government’s push towards renewable energy with the extension of the Green Investment Tax Allowance (GITA), which has since been extended to 2023,”
“This allows companies to offset up to 70% of their statutory income in the year of assessment, and unutilised allowances can be carried forward until they are fully absorbed,” Ko added.
Ko mentioned that consumers from the commercial and industrial sectors are eagerly looking into renewable energy, as the cost of electricity generation using solar photovoltaic (PV) is almost on par with the cost of electricity generated by coal-fired power plants.
One of the recent commercial projects that Plus Solar has completed includes outfitting close to 1,370 PV panels on the rooftop of Johor’s latest shopping mall, Toppen Shopping Centre, which is part of the Ikano Group of companies.
Prior to Toppen Mall and IKEA Tebrau, Plus Solar also installed solar PV systems for IKEA Cheras and IKEA Batu Kawan, for a total of four malls under the IKANO brand which have embraced solar solutions for renewable energy.
IKEA Cheras, in particular, set a benchmark for green buildings in 2016 when its solar power project went live, as the largest commercial solar project in the country for self-consumption. Its production of renewable energy has led to cost savings of RM 450,000 from the store’s operational budget each year.
“We have reached our milestones set for the year and are confident to achieve the target revenue of RM150 milion for the financial year ending March 2020. This win continues to demonstrate that we are striving in the right direction and solidifies our position within the industry,” he said.