- The Group is investing RM5.26 million to install solar panels for processing operations
Leon Fuat Berhad (Leon Fuat or the Group), primarily in the business of trading, processing and/or manufacturing (collectively referred to as processing) of steel products, specialising in rolled long and flat products, is pleased to announce that the Group is making its move towards having sustainable energy powering production operations through an investment in solar panels.
A total of RM5.26 million is being invested for solar panels as part of the Group’s sustainability initiatives and these panels will be gradually installed in stages depending on the readiness of project sites.
Group Managing Director of Leon Fuat, Mr. Ooi Seng Khong said, “We see this move as a good investment for the environment in the long run to reducing CO2 emissions as we are using renewable solar energy and it will also lower the cost of energy consumption. This initiative will help us in our energy management initiatives and solar power is environmentally sustainable as well as effective.”
“We have been monitoring both electricity and fuel consumption as part of our sustainability initiatives since the financial year ended 31 December 2017 and are cognisant of the need to source for more sustainable sources of energy for our steel processing operations. The installation of solar photovoltaic (PV) panels will have a capacity of 2.1 million kWh per year, and we expect to save an estimate of 30% savings in electricity consumption per year when the solar panels are fully completed.”
For disclosure purposes, three of the Group’s subsidiaries involved in steel processing consumed a total of 4.9 million kWh of electricity in 2020, which is a 37.1% increase from 2019.
“We will continue to build organisational capacity to adapt to a sustainable future while focusing on the strategy to improve productivity through sustainable practices and bring value to our stakeholders,” Ooi said.