Official Statement: Clarification on Fundraising and Regulatory Status

12 December 2023

At Gagasan Solar, transparency and integrity are central to our operations as we work to make clean energy more accessible across Malaysia. In light of past media references and recent public queries, we wish to offer the following clarification regarding our fundraising goals and licensing status.

In January 2022, Gagasan Solar announced our hopes to raise up to RM200 million, in partnership with Thinkat PE (formerly known as Senturia Capital Sdn Bhd). The intention of this fund was to empower small and medium enterprises’ (SMEs) venture into the solar energy space. While the announcement reflected our shared ambitions at the time, the collaboration was amicably concluded midway due to differences in priorities and strategic direction.

Additionally, we are aware that certain media articles from 2022 incorrectly stated or implied that Gagasan Solar was a Securities Commission (SC)-licensed entity. This misperception may have arisen from the announcement of our intended fundraising partnership with Thinkat PE which is a Securities Commission-licensed Private Equity Management Corporation (PEMC).

We would like to clarify that Gagasan Solar as a corporation is not, and has never been, a licensed entity under the Securities Commission Malaysia, as such licensing was not required for our role in the proposed structure. Following the decision to no longer proceed with the partnership, the matter of SC licensing became non-applicable to Gagasan Solar’s operations.

Furthermore, we do not engage in any public offering of securities or regulated investment schemes, hence our business model would not require SC oversight. Our business model is based on private commercial agreements, typically structured through Power Purchase Agreements (PPAs) with no public solicitation of investment.

As the Managing Director of Gagasan Solar, I sincerely apologise for any misunderstanding that may have occurred from the premature announcement in 2022 which was made before the finalisation of all necessary agreements. We have learned from this experience and are taking immediate steps to ensure that all communications moving forward are fully aligned with finalised agreements. We remain committed to conducting all our business activities with the highest level of professionalism and integrity.

Thank you for your understanding and continued trust in Gagasan Solar. 

Yours faithfully,
Joshep Lee
Managing Director