Green & Smart Holdings 'delighted' with performance from Malpom plant

25th Oct 2018 14:58

(Sharecast News) - Renewable energy company Green & Smart Holdings told shareholders gathered at its annual general meeting in Kuala Lumpur on Thursday that it had continued to make progress since its annual results in August.The AIM-traded firm said it was "delighted" with the performance of its Malpom biogas power plant, which it believed was converting POME at "industry-leading" efficiency levels."We remain confident of soon receiving the certificate of commercial operation for Malpom, which will enable us to sell power to the national utility at the full tariff rate," said non-executive chairman Radzali Bin Hassan."At Kahang, we are implementing bio-polishing facilities that will further clean the wastewater by-product of the POME treatment process so that it is of a potable level."This will allow the water to be reused by the plant, which enhances the overall sustainability of the process."Bin Hassan said work was underway on the company's third fully-owned biogas power plant, Minyak, where it had already completed the groundwork and expected to finish plant construction in the third quarter of 2019, for grid connection by year-end 2019 dependent on gaining approval from the relevant authorities."With a capacity of 2.7MW, this will be our largest plant to date."This plant will be another lagoon-based system and so we will be able to leverage our experience with Malpom."We are also pleased to report that we have continued to receive payments from Megagreen Energy (MGE) and Concord Green Energy."Bin Hassan explained that, since 31 March, the company had received MYR 6.8m from those parties, as well as the previously-announced MYR 9m in post-dated cheques and MYR 3m being paid directly by MGE to suppliers of the company."We are encouraged that the outstanding receivable position of RM70.3m as of 30 September is being progressively rectified."