It will build and operate the project for a period of 21 years, with electricity to be sold to the grid at a rate of roughly 0.40 ringgit ($0.09)/kWh.
Under the terms of the agreement with the government, PLB Green Solar will be expected to offer a 5 million ringgit substitute bond, in place of the original bond it used to bid for the project rights.
The company is scheduled to reach financial close on the project by the end of August, according to a statement to the Malaysian stock exchange.
It did not disclose additional details about the plan.
PLB Green Solar’s biggest shareholder is PLB Terang, a subsidiary of PLB Engineering.
Although Malaysia has positioned itself as a PV manufacturing hub in recent years, it remains a relatively small market for installations compared to neighbouring Thailand, with just 184 MW of cumulative capacity connected to the grid by the end of 2015, according to the International Renewable Energy Agency (IRENA).
However, the Malaysian Energy Commission recently announced plans to auction off the rights to develop 460 MW of PV capacity, which will contribute to the Malaysian Sustainable Energy Development Authority’s plan to source 24% of the country’s electricity from renewables by 2050.
The Energy Commission has issued a request for proposals for 360 MW in Peninsular Malaysia and 100 MW in Malaysian Borneo, with projects to range in size from 1 MW to 30 MW.
A number of developers have also announced new solar projects in recent months.
In December, Norwegian PV developer Scatec Solar revealed plans to develop 200 MW of capacity in Malaysia in cooperation with a number of local companies.
And last week, Kuala Lumpur-based Edra — a unit of state-owned energy giant China General Nuclear Power Corp. — revealed plans to finish building a 50 MW solar project near Penang by early 2018.