Solar photovoltaic (“PV”) system specialist, Solarvest Holdings Berhad(“Solarvest” or “the Group”) clinched its first solar installation project under the Large-Scale Solar 4 (“LSS4”) scheme from property developer, M K Land Holdings Berhad worth RM42.9 million for the development of a Large Scale Solar (“LSS”) Photovoltaic Plant in Kerian, Perak.
Solarvest wholly-owned subsidiary, Atlantic Blue Sdn. Bhd. received the letter of award (“LOA”) from Solar Citra Sdn. Bhd., a wholly-owned subsidiary to a subsidiary of M K Land Holdings Berhad, a public company listed on the Main Market of Bursa Malaysia Securities Berhad.
Under the LOA, Solarvest will undertake the full turnkey engineering, procurement, construction and commissioning (“EPCC”) works for the 10.95 megawatt (MW) LSS solar PV system.
Executive Director of M K Land Holdings Berhad, Mr. Lau Shu Chuan said, “The expansion into solar industry is timely as we intend to ride on the robust renewable energy industry to strengthen our recurring income portfolio. This solar investment is for the long run and it enables us to enjoy stable stream of income for the next 21 years, thus complementing the cyclical nature of our property businesses. Once the solar plant comes on stream in year 2023, we will be generating approximately 22,735MWh per annum of clean energy to the grid. We look forward to work with an experienced EPCC such like Solarvest to ensure smooth delivery of the project.”
Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄)said, “We are pleased to journey with M K Land on its venture into the solar business, from the initial bidding to now executing the installation of its solar plant. Our team has started the pre-development works for the solar project.”
“This project win is the first of the many EPCC projects that we have in the pipeline. Overall, we aim to welcome approximately RM600 million to RM700 million worth of EPCC projects from the LSS4 scheme alone. Our team is currently busy conducting pre-development works for other shortlisted bidders, and we expect to receive the official engagement for EPCC works of these LSS projects in the coming months.”