HONG KONG, CHINA - Media OutReach - 27October 2020 - Integrated papermaking specialist, XSD InternationalPaper Sdn Bhd ("XSD") announced that it has entered into a powerpurchase agreement ("PPA") with NEFIN Group("NEFIN").

The PPA was signed at a signing ceremony held at NEFIN's office atPenang where XSD was represented by its President, Ms. Joyce Shi ChenYe (施晨燁), NEFIN was represented by its Special Executive to the Chairman, Mr.Chong Kok Ming (張國明). Group Chief Executive Officer of SolarvestHoldings Berhad ("Solarvest"), Mr. Davis Chong Chun Shiong (張俊雄) is also present byinvitation to witness the signing of the PPA.

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

The project will see NEFIN building a solar PV system that consists ofapproximately 21,000 solar PV panels that will collectively generate over 13.5million kWh clean energy and off-setting approximately 9369 tons carbon emissions annually. For illustration, a30-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 isequivalent 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 hasbeen a vital focus for our business as we move towards "Green Papermaking" andthe recycling economy. We have built a value chain that employs a closed-loopsystem, emphasizing on reuse, remanufacture, and recycle, starting from ourpoint of collection of raw materials to production and waste management. Inline with our goal to be a socially responsible and environment-friendlyenterprise, we use recyclable materials such as wasted paper and adopts wastedwater processing system to produce our paper products."

"The inking of this agreement further strengthens our cause, and we lookforward to power up our operations with clean renewable energy generated fromthis project. This is just the beginning of our greeninitiatives in Malaysia and we have earmarked a RM35 million investment target for combination ofgreen initiatives which include water and air system as well as this solar PVsystem project. We intend to build a green paper industry park here and we arecurrently in talks with several industry leaders to roll out the plans, such asNEFIN and Solarvest for the provision of Engineering, Procurement, Constructionand Commissioning ("EPCC") for our solar projects. We are proud to partner withboth distinguish Solar Industry Leader in this solar project, and certainlythis lay the foundation for more partnership in the future."

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

Mr. Glenn Lim, CEO of NEFIN, said, "It is our goal to achievecarbon neutrality for our clients as our contribution towards the fight againstclimate change. One of the most optimum way to reduce carbon footprint forcommercial and industrial businesses is the planning stage for new factories orbuildings are being designed and constructed, transforming the way we build.This is essential for long-term planning, and especially important forcorporates that aim to contribute to sustainable development. With the in-depthindustry knowledge and extensive experience of the NEFIN team, ourcontributions at the early design stage can effectively help maximize cleanenergy generation, cost saving and ensure seamless integration of the solar PVsystems with the buildings. We are very proud to be working with XSD on thisproject and look forward to more opportunities to contribute to a greenerfuture for all."

Please ClickHERE to downloadthe photo.

Photo caption (from left to right):

• Jerry Wang Ning Feng (王甯豐), Chief Technical Engineer of XSDInternational Paper Sdn Bhd
• Zhu Nai Jian (朱乃建), Production and Technical Director of XSDInternational Paper Sdn Bhd
• Joyce Shi Chen Ye (施晨燁), President of XSD International PaperSdn Bhd
• Chong Kok Ming (張國明)，Special Executive to the Chairman of NEFIN Group
• Paul Dylan Lim Yung Le (林永樂) Business Development Manager of NEFINGroup
• Davis Chong Chun Shiong (張俊雄), Group CEO of Solarvest Holdings Berhad

About XSD International Paper Sdn Bhd

XSD International Paper Sdn Bhd is an integrated papermaking group thatspecialized in manufacturing Coated Duplex Board. The main products includevarious grades of coated paperboard, corrugated paper, kraft paper, specialitypaper and recycled paper. Its products are widely used throughout China andexported to Southeast Asia, Middle East and other regions. The 3 phase greenproject of the group will produce 2.1 million tons annual capacity whilecreating more than 3,000 employment opportunities. For more information on XSD,log on to : https://en.xinshengdagroup.com/

About NEFIN Group

NEFIN Group is a regional renowned solar developer with bespokeexperience in solar system deployment and a committed partner to organisationsto achieve carbon neutrality. Founded by core management team of DuPont SolarBusiness, legal expert and investment bankers, NEFIN Group has collectivelydelivered over 300MW of utility-scale, commercial and industrial rooftop solarsystems 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 offersflexible financing options to partners who opt for zero investment. Pleaserefer to NEFIN's website www.nefinco.com  for moreinformation.

About Solarvest Holdings Berhad

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