ManagePay appoints S’pore-based Passion Venture Capital to raise green energy fund

ManagePay appoints S'pore-based Passion Venture Capital to raise green energy fund

KUALA LUMPUR (Sept 2): Fintech solutions and service provider ManagePay Systems Bhd (MPay) has appointed Monetary Authority Singapore registered Passion Venture Capital Pte Ltd (Passion VC) to raise a green energy fund from international investors for the renewable energy market in Malaysia.

In a statement Sept 1, MPay said its unit ManagePay Resources Sdn Bhd had inked the deal with Passion VC.

The firm said that with the green energy fund, it plans to finance the installation of solar photovoltaic panels with zero capital expenditure for tailor-made systems for commercial, industrial and residential customers to optimize their electricity cost savings.

MPay said its green energy fund is also an appealing option to the existing large engineering procurement and construction solution providers gunning for large scale solar PV projects in Malaysia.

MPay chief executive officer (CEO) Datuk Chew Chee Seng said the company plans to launch a solar leasing package with no upfront cost.

“Customers will be purchasing the solar energy generated at 15-20% cheaper than grid tariff during the leasing tenure of 20 to 25 years,” Chew said.

Meanwhile, Passion VC’s CEO Davy J Goh said solar power system costs have plummeted 60% over the last decade, while efficiency rates have climbed dramatically.

“Thus, investment into solar power generation platforms has become a great investment, offering steady investment returns over an extended period of time.

"MPay Green Fund is a great investing platform for social impact investors and family offices.

“Simply put, the green fund focuses on investing in companies with products and services that can generate measurable, beneficial social or environmental impact alongside financial return," Goh said.

He added that the conditions for solar energy investments in Malaysia and other Southeast Asian markets are favourable given that the sun shines abundantly on this fast-growing region of 600 million people.

MPay said it sees this as an opportunity to increase its lending business, while Passion VC is confident of raising the fund from international investors.

At 10.15am, MPay dipped 2.94% or 0.5 sen to 16.5 sen, valuing it at RM117.23 million.

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