BTM Resources Bhd announced that its fully-owned subsidiary, BTM Biomass Products Sdn Bhd, has received an additional extension from the Sustainable Energy Development Authority (Seda) for its 10MW biomass power plant in Chukai, Terengganu, reported The Edge Malaysia.
According to a filing with Bursa Malaysia on Monday, BTM has been granted its third extension by Seda, pushing the start date for the renewable energy plant’s operations to December 23, 2025.
Originally, the plant was scheduled to begin operations on January 23, 2022. The first extension allowed the plant to start by June 23, 2023. The second extension set a new completion deadline of June 23, 2024.
As pre media report, with the latest extension, BTM Biomass now has until December 23, 2025, to commence operations and January 23, 2026, for the Feed-in-Tariff (FiT) to begin. BTM did not provide a specific reason for the extension.
The approval to build and operate the 10MW power plant, with a 21-year electricity supply agreement to Tenaga Nasional Bhd (KL:TENAGA), was granted by Seda in July 2020, with operations originally set to begin by January 23, 2023.
In recent months, BTM has experienced significant changes in its management and board. This began in June with the resignation of Chairman Loo Eng Hua and independent non-executive director Leou Thiam Lai, followed by the resignation of Chief Financial Officer Ooi Gin Hui a month later.
Loo and Leou cited concerns over unresolved material transactions, which they believed could significantly impact the group’s financial health, as reasons for their resignation. They indicated that these issues prevented them from fulfilling their fiduciary duties.
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