Public Islamic Bank, KPower to Provide Solar Power Financing in Support of BNM’s VBI Initiative

In a bid to contribute to Bank Negara Malaysia’s (BNM) Value Based Intermediation (VBI) initiative, Public Islamic Bank Berhad (PIBB) has signed a memorandum of agreement (MoA) with KPower on the 27th of January 2021 for the installation and financing of solar photovoltaic (PV) systems for PIBB customers, according to local media reports.

The MoA is in line with the Net Energy Metering 3.0 (NEM 3.0) launched by Malaysia’s Energy and Natural Resources Ministry at the end of 2020 to cater to rising customer requirements for solar panel financing.

According to local media reports, KPower’s wholly-owned subsidiary KPower Engineering will install and provide technical matters on solar PV systems to PIBB’s customers as part of the 24 month-MoA, whil...