XSD Partners with NEFIN to Power Up Its Plant with Solar Energy in Malaysia

HONG KONG, CHINA -�Media OutReach - 27
October 2020 – Integrated papermaking specialist, XSD International
Paper Sdn Bhd (“XSD”) announced that it has entered into a power
purchase agreement (“PPA”) with NEFIN Group
(“NEFIN”).

The PPA was signed at a signing ceremony held at NEFIN’s office at
Penang where XSD was represented by its President, Ms. Joyce Shi ChenYe (???), NEFIN was represented by its Special Executive to the Chairman, Mr.
Chong Kok Ming (???). Group Chief Executive Officer of Solarvest
Holdings Berhad (“Solarvest”), Mr. Davis Chong Chun Shiong (???) is also present by
invitation to witness the signing of the PPA.

In conjunction with the signing ceremony, XSD announced its
sustainability plans. For a start, XSD will install a 9.2-megawatt (MWp) solar
PV system on its planned facilities in Kulim Industrial Park located at Padang
Meha, Kedah via the PPA.

The project will see NEFIN building a solar PV system that consists of
approximately 21,000 solar PV panels that will collectively generate over 13.5
million kWh clean energy and off-setting approximately 9369 tons carbon emissions annually. For illustration, a
30-year old tree can absorb about 193 pounds of carbon dioxide per year. Hence,
the clean energy that will be produced by XSD in the new factory in Malaysia is
equivalent to growing 107,021 30-year old trees for the mother Earth.
The construction of the project is expected to be completed by Q3 of 2021.

Ms. Joyce Shi, President of XSD said, “Sustainability has
been a vital focus for our business as we move towards “Green Papermaking” and
the recycling economy. We have built a value chain that employs a closed-loop
system, emphasizing on reuse, remanufacture, and recycle, starting from our
point of collection of raw materials to production and waste management. In
line with our goal to be a socially responsible and environment-friendly
enterprise, we use recyclable materials such as wasted paper and adopts wasted
water processing system to produce our paper products.”

“The inking of this agreement further strengthens our cause, and we look
forward to power up our operations with clean renewable energy generated from
this project. This is just the beginning of our green
initiatives in Malaysia and we have earmarked a RM35 million investment target for combination of
green initiatives which include water and air system as well as this solar PV
system project. We intend to build a green paper industry park here and we are
currently in talks with several industry leaders to roll out the plans, such as
NEFIN and Solarvest for the provision of Engineering, Procurement, Construction
and Commissioning (“EPCC”) for our solar projects. We are proud to partner with
both distinguish Solar Industry Leader in this solar project, and certainly
this lay the foundation for more partnership in the future.”

XSD made its foray
to Malaysia in 2018 with a RM1.2 billion investment plan to develop a green
paper industry park in Kulim, Kedah as part of its relocation plans into the
Southeast Asia market. The development will help spur the local economic growth
in the area and create approximately 1,300 job opportunities to the locals
in a single phase.

Mr. Glenn Lim, CEO of NEFIN, said, “It is our goal to achieve
carbon neutrality for our clients as our contribution towards the fight against
climate change. One of the most optimum way to reduce carbon footprint for
commercial and industrial businesses is the planning stage for new factories or
buildings are being designed and constructed, transforming the way we build.
This is essential for long-term planning, and especially important for
corporates that aim to contribute to sustainable development. With the in-depth
industry knowledge and extensive experience of the NEFIN team, our
contributions at the early design stage can effectively help maximize clean
energy generation, cost saving and ensure seamless integration of the solar PV
systems with the buildings. We are very proud to be working with XSD on this
project and look forward to more opportunities to contribute to a greener
future for all.”

Please Click
HERE to download
the photo.

Photo caption (from left to right):

• Jerry Wang Ning Feng (???), Chief Technical Engineer of XSD
  International Paper Sdn Bhd
• Zhu Nai Jian (???), Production and Technical Director of XSD
  International Paper Sdn Bhd
• Joyce Shi Chen Ye (???), President of XSD International Paper
  Sdn Bhd
• Chong Kok Ming (???)?Special Executive to the Chairman of NEFIN Group
• Paul Dylan Lim Yung Le (???) Business Development Manager of NEFIN
  Group
• Davis Chong Chun Shiong (???), Group CEO of Solarvest Holdings Berhad

About XSD International Paper Sdn Bhd

XSD International Paper Sdn Bhd is an integrated papermaking group that
specialized in manufacturing Coated Duplex Board. The main products include
various grades of coated paperboard, corrugated paper, kraft paper, speciality
paper and recycled paper. Its products are widely used throughout China and
exported to Southeast Asia, Middle East and other regions. The 3 phase green
project of the group will produce 2.1 million tons annual capacity while
creating more than 3,000 employment opportunities. For more information on XSD,
log on to : http://en.xinshengdagroup.com/

About NEFIN Group

NEFIN Group is a regional renowned solar developer with bespoke
experience in solar system deployment and a committed partner to organisations
to achieve carbon neutrality. Founded by core management team of DuPont Solar
Business, legal expert and investment bankers, NEFIN Group has collectively
delivered over 300MW of utility-scale, commercial and industrial rooftop solar
systems regionally. The group offers consulting services such as due diligence,
feasibility studies and lender-technical advice on top of project development,
system design, engineering and asset management. NEFIN Group also offers
flexible financing options to partners who opt for zero investment. Please
refer to NEFIN’s website www.nefinco.com  for more
information.

About Solarvest Holdings Berhad

Solarvest specialises in turnkey engineering, procurement, construction
and commissioning (“EPCC”) services for solar photovoltaic (“Solar PV”)
systems. The Group also provides operations and maintenance services of solar
PV systems. It has an established track record, having completed solar PV
systems for Large Scale Solar Photovoltaic (“LSSPV”) plants as well as
residential, commercial and industrial properties. Solarvest is listed on the
ACE market of Bursa Malaysia. For more information, log on to https://solarvest.my.