Destini Bhd and Priceworth International Bhd are entering a strategic partnership focused on advancing renewable energy projects, particularly in solar power.

Destini said its subsidiary, Destiny Energy Sdn Bhd, is teaming up with Maxland Energy Sdn Bhd, a unit of Priceworth International, which is actively developing solar farms in Malaysia and Australia.

The collaboration's main objective is to develop renewable power projects, including solar power plant initiatives, such as contracts with Indah Water Konsortium and projects in Sandakan, Malaysia, and Victoria, Australia.

They also plan to establish a joint venture company to oversee the implementation of these sustainable energy projects, with a strong emphasis on conducting feasibility studies and due diligence exercises.

Both companies will work together to explore growth and innovation opportunities related to renewable energy projects.

The collaboration aligns with Malaysia's National Energy Transformation Roadmap, which aims to achieve a 70% share of installed capacity from renewable energy sources by 2050, primarily focusing on solar photovoltaic (PV) installations.

Meeting this goal will require significant growth in solar capacity, targeting 59 gigawatts (GW) of installed capacity by 2050.

Destini intends to finalise a definitive agreement within the next 90 days, outlining the structure and responsibilities of the joint venture company.

The partnership represents a significant step towards achieving Malaysia's renewable energy objectives and contributing to a more sustainable energy future.

At the close of today's trading session, Destini's share price rose by 5.26% to 10 sen, resulting in a market capitalization of RM166 million, while Priceworth International's shares gained 3.03%, closing at 17 sen and raising its market cap to RM254 million.