SOLARVEST BAGS RM66 MLN CONTRACT TO DEVELOP 17.36MW SOLAR FARM IN PERAK

KUALA LUMPUR, Aug 4 -- Solarvest Holdings Bhd’s unit, Atlantic Blue Sdn Bhd has clinched a RM66 million contract from Grooveland Sdn Bhd as the main engineering, procurement, construction and commissioning (EPCC) contractor for the development of a large scale solar photovoltaic plant (LSSPV) of 17.36MW in Perak for RM66 million.

In a filing with Bursa Malaysia, the company said the contract secured would contribute positively to the net assets and earnings per share of Solarvest and its group of companies for the financial year ending March 31, 2022 and onwards until the completion of the project.

In a separate statement, it said with this latest contract, Solarvest’s new EPCC orders secured from the LSS@Mentari programme grew to approximately RM196 million, boosting its total unbilled order book to a record-breaking high of RM400 million.

Solarvest group chief executive officer Davis Chong Chun Shiong said the investment flow towards solar projects was growing rapidly as more non-renewable energy industry players, such as oil and gas majors were channelling their expansion spending to this high-growth sector.

“The push for circular economy and green value chain is also driving local industrial players to shift to renewable energy and at the same time, Malaysia’s solar industry is gaining traction from foreign investors as Southeast Asia is becoming the next key growth region,” he said.

Chong said the outlook for Solarvest beyond Malaysia is similarly bright and positive as ventures into overseas markets such as Taiwan and the Philippines were expected to kick into high gear with tender results expected to be announced in the near future.

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“Around 30 per cent of our approximate 1,000 MW tender book comes from the two countries and once revenue from Taiwan and the Philippines start flowing in, we are expecting an elevated level of growth for the group,” he added.

At 12.35 pm, Solarvest’s share price was four sen lower at RM1.37 with 1.78 million units transacted.

-- BERNAMA