1. INTRODUCTION. Name of Feed-in Approval Holder (FiAH) : Future Atlas Sdn Bhd (FASB)
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1 Company Name : CAM Resources Berhad Stock Name : CAMRES Type : Announcement Subject : Others Description : CAM Resources Berhad ( CAMRES ) - Feed-In Tariff ("FIT") Approval granted to Future Atlas Sdn Bhd by Sustainable Energy Development Authority Malaysia ("SEDA") for Renewable Energy Contents:- 1. INTRODUCTION The Board of Directors of CAM Resources Berhad ( CAMRES ) wishes to announce that Future Atlas Sdn Bhd ( FASB ), a wholly-owned subsidiary of CAMRES had on 2 June 2017 received the approval letter dated 9 May 2017 from SEDA on the feed-in approval for a MW biogas plant ( Plant ) to sell its renewable energy to Tenaga Nasional Berhad ( TNB ) under the SEDA feed-in tariff system for a period of sixteen (16) years commencing from the scheduled feed-in tariff commencement date of 24 May 2019 (FIA Certificate No. A ) ( SEDA Feed-In Approval ). The expected date of signing of the power purchase agreement ( PPA ) with Tenaga Nasional Berhad is on August 2017 at a fixed Feed-in tariff ( FiT ) rate of RM per kwh for sixteen (16) years. The fixed FiT rate of RM per kwh is conditional upon the use of locally manufactured or assembled gas engine technology and the use of biogas engine efficiency exceeding forty per centum (40.0%). The renewable energy power plant ( REPP ) will be located at 78Km, Jalan Raya Ipoh- Butterworth Simpang, Taiping, Larut dan Matang, Perak Darul Ridzuan. The REPP will have an installed capacity of MW. Name of Feed-in Approval Holder (FiAH) : Future Atlas Sdn Bhd (FASB) Location of Renewal Energy : 78km, Jalan Raya Ipoh-Butterworth Simpang, Taiping Installation Larut dan Matang, Perak Darul Ridzuan Renewable Resources : Biogas (Landfill/Agri Waste) Distribution Licensee : Tenaga Nasional Berhad Installed capacity : MW Net export capacity : MW (BG1) Scheduled Feed-In Tariff : 24 May 2019 Commencement Date Effective period (Commencing from : 16 Years the Feed-In Tariff Commencement Date) Feed-In Tariff Rate : RM /kWh 1
2 2. OVERVIEW OF FIT SYSTEM IN MALAYSIA Malaysia's Feed-in Tariff (FiT) system obliges Distribution Licensees (DLs) to buy from Feed-in Approval Holders the electricity produced from renewable resources (renewable energy) and sets the Feed-in Tariff rate (FiT rate). The DLs will pay for renewable energy supplied to the electricity grid for a specified duration. By guaranteeing access to the grid and setting a favourable price per unit of renewable energy, the FiT mechanism would ensure that renewable energy becomes a viable and sound long-term investment for companies and also for individuals. Key terminologies in FiT: Distribution Licensees (DLs): Companies holding the licence to distribute electricity (e.g. TNB, SESB, NUR); Feed-in Approval Holder: An individual or company who holds a feed-in approval certificate issued by Sustainable Energy Development Authority of Malaysia (SEDA Malaysia). The holder is eligible to sell renewable energy at the FiT rate; FiT rate: Fixed premium rate payable for each unit of renewable energy sold to Distribution Licensees. The FiT rate differs for different renewable resources and installed capacities. Bonus FiT rate applies when the criteria for bonus conditions are met; Indigenous: Renewable resources must be from within Malaysia and are not imported from other countries; and Duration: Period of which the renewable electricity could be sold to distribution licensees and paid with the FiT rate. The duration is based on the characteristics of the renewable resources and technologies. The duration is 16 years for biomass and biogas resources, and 21 years for small hydropower and solar photovoltaic technologies. (Source: 3. SALIENT TERMS AND CONDITIONS OF THE SEDA FEED-IN APPROVAL The terms and conditions of Feed-in Approval as follows: (a) FASB ( the Feed-in Approval Holder ) shall continue to comply with the eligibility criteria described in the Renewable Energy (Feed-In Approval and Feed-in Tariff Rate) Rules
3 (b) FASB shall meet the following milestones by the following dates: No. Milestone Milestone Due Date 1. Registration of Renewable Energy Power Purchase Agreement ( REPPA ) with SEDA & ( ST ) Public License (Provisional) 03/08/ Financing Agreement (s) 10/03/ First Payment to EPC Contractor 10/05/ Initial Operation Date ( IOD ) 10/02/ FIT Commencement Date 24/05/2019 (c) FASB shall observe and comply with the terms and conditions of the feed-in approval, the provisions of the Renewable Energy Act 2011 ( the Act ) and any subsidiary legislation made or other instruments issued under the Act, and all other applicable laws. (d) FASB shall provide information, in such format and at such intervals, as may be required by the SEDA Malaysia in connection with FASB s renewable energy installation. (e) FASB shall obtain the prior written approval of the SEDA Malaysia in respect of any change in circumstances:- i. which would result in FASB not complying with the eligibility criteria described in the Renewable Energy (Feed-in Approval and Feed-in Tariff Rate ) Rules 2011; or ii. which would otherwise result in FASB being no longer entitled to be granted a feed-in approval under the Act and its subsidiary legislation. (f) The feed-in tariff (FiT) rate shall be subject to reduction in accordance with the Act in the event the FiT commencement date occurs later than thirty-first (31 st ) day of December of the Calendar year of the scheduled FiT commencement date. Such reduced rate will be calculated by the SEDA Malaysia. (g) FASB shall ensure that all information, documentation and certifications submitted to the SEDA Malaysia pursuant to the Act and its subsidiary legislation are true, accurate and complete. (h) FASB shall ensure that its renewable energy installation meets an annual minimum performance threshold of no less than thirty five percent (35%) of the following declared annual availability for each year during the effective period: 3
4 Year Declared Annual Availability (MWh) Table 1 (i) The total FiT that FASB is entitled to receive in each year during the effective period shall be limited to the total FiT payable to it for renewable energy generated up to the declared annual availability of the applicable year as specified in paragraph H above. 4
5 4. RATIONALE FOR VENTURING INTO RENEWABLE POWER GENERATION The rationales for the Company to venture into renewable energy are as follows: (a) To reduce the Greenhouse Gas (GHG) emission impact of palm oil production from the generation of biogas from palm oil mill effluent (POME) and conversion of biogas as fuel into electricity; (b) To reduce the carbon footprint of FASB and the overall group of affiliated company; (c) To derive income from the sale of renewable electrical power to the national grid, which will indirectly reduce the production of power from fossil-fuel derived power generation; (d) To be part of the Group s corporate social responsibility program to reduce environmental pollution; and (e) To increase job opportunities for the local populace to operate and maintain the power plant. 5. ADVANTAGES AND BENEFITS ATTRIBUTED FROM SEDA FIT APPROVAL The SEDA FiT approval will allow the FASB to generate and supply renewable energy to Distribution Licensee (DL), Tenaga Nasional Berhad for a duration of 16 years. This is expected to provide a steady stream of income to the Group. In addition to that, with SEDA FiT approval, the FASB is eligible for Green Technology Financing Scheme ( GTFS ) application. The GTFS is a special financing scheme introduced by the government to support the development of Green Technology (GT) in Malaysia. The other benefits that can be obtained by participating in the GTFS are as follows: i. Interest subsidies of 2% from the total interest rate charged; ii. Government guarantee of 60% on the total approved loan; and iii. Training will be provided to applicants to enhance their knowledge on GT. 6. RISK FACTORS (a) Technology and Construction Risk As biogas is a fuel, its efficiency depends on the efficiency of the technology that converts the fuel into electricity. The selection of a mature and reliable technology provider with the requisite experience and track record in building, completing and commissioning such projects (referenceable projects) is a pre-requisite for the project success. 5
6 There are several technology providers in Malaysia, and the assessment for consideration of the right technology provider must include the capital expenses, the long-term serviceability and the past experience of the provider. (b) Operations and Maintenance Risk The employment of the right operation and maintenance provider is critical for the success and support of the plant s operation and maintenance. Spare parts, particularly for the biogas engines will be a major cost of the operations and maintenance. (c) Financial and Regulatory Risk FASB has to obtain all the regulatory approvals such as Renewal Energy Power Purchase Agreement ( REPPA ), Green Technology Financing Scheme ( GTFS ), Suruhanjaya Tenaga provisional and permanent licenses and approvals for construction from Department of Environment ( DOE ) and Department of Occupational Safety and Health prior to commencement of any physical work. Biogas is currently often more expensive to produce than fossil alternatives and therefore financial support is needed to make it commercially viable. Malaysia s Government has introduced a series of incentives to develop the Green Technology industries in Malaysia such as GTFS, a special financing scheme and also green technology tax incentives, such as Investment Tax Allowance. Although the Group may undertake efforts to mitigate the various risks, there is no assurance that any change in the above factors will not have material effect on the business and operations of the Group. 7. SOURCES OF FUNDING The source of funding of the construction cost of REPP will be internally-generated funds as well as bank borrowings. The breakdown of the sources of funding has yet to be determined. 8. FINANCIAL EFFECTS The SEDA FIT approval will not have any significant impact on the net assets, earnings and gearing of the Group for the financial year ending 31 December However, it shall contribute positively to the future earnings of the Group after the effective period, i.e. from 24 May 2019, the planned commencement date of the FIT up to the end of the sixteenth (16 th ) year. 6
7 The FiT approval/ppa is expected to generate a consistent revenue stream due to the guaranteed access to the electricity grid at an approved FiT rate for a duration of 16 years (refer to Table 1 of Item 3(h)). In addition to this, the project is eligible for green technology tax incentive and also GTFS. 9. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED WITH THEM None of the directors and/or major shareholders and/or persons connected with a director or major shareholder have any interest, direct or indirect, in the FIT approval. This announcement is dated 2 June
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