Gamuda Shares Up On SD Guthrie Collaboration, Contribution To Trickle In From 2028/29

KUALA LUMPUR, Aug 20 (Bernama) -- Gamuda Bhd shares went up in today’s early trading session after the group announced its collaboration with SD Guthrie Bhd to develop, own and operate solar power assets, including energy storage systems, with a combined target capacity of 1.2 gigawatts (GWs).

As at 9.59 am, the counter rose nine sen to RM5.71 with 3.21 million shares changing hands.

RHB Investment Bank said contributions could start trickling in from 2028 or 2029, with annual earnings ranging between RM200-RM250 million annually, depending on the tariff as it gradually develops its solar assets.

“Gamuda will likely be the engineering, procurement, construction, and commissioning (EPCC) contractor for the solar assets, while also deriving recurring income as a developer together with SD Guthrie.

“We view execution risks to be manageable, backed by Gamuda’s associate ERS Energy and its strong solar EPCC track record domestically and across the Philippines, Vietnam, Singapore and Australia,” it said in a note.

In a joint statement yesterday, Gamuda and SD Guthrie said the partnership capitalises on rising renewable energy (RE) demand from high-quality offtakers. It will offer fast-tracked and scalable RE supply, critical to meet the sustainability goals of industrial players and data centres in Malaysia.

Guthrie group managing director Datuk Mohamad Helmy Othman Basha said RE is one of two new business verticals that the company has identified as a key growth pillar for the group.

With Guthrie’s first 15-megawatt (MW) Corporate Green Power Programme solar plant in Bukit Selarong, Kedah, scheduled to begin operations in the fourth quarter of 2025, Mohamad Helmy said the latest partnership is an opportunity to create value by meeting RE demand from public and private sector users under frameworks such as the Corporate RE Supply Scheme.

Gamuda Engineering Sdn Bhd executive director Faris Mohd Yusof said the company is focused on expanding its RE infrastructure portfolio — particularly in Malaysia and Australia — across multiple asset classes, including solar, wind, hydro (including pumped hydro), battery energy storage systems, and transmission projects, with over 3GW of renewables in various stages of deployment.

Meanwhile, SD Guthrie shares slipped five sen to RM5.08 as at 9.59 am, with a total of 606,500 shares transacted.   

-- BERNAMA