Solar photovoltaic (“PV”) system specialist, Solarvest Holdings Berhad(“Solarvest” or “the Group”) has today secured a RM66 million contract, its third win in one month, from Grooveland Sdn. Bhd. (“Grooveland”) to develop a large-scale solar PV (“LSSPV”) plant in Mukim Bota, Perak.
The Group will undertake the main engineering, procurement, construction, and commission (“EPCC”) works for the 17.36-megawatt (“MW”) solar farm. With the latest contract, Solarvest’s new EPCC orders secured from the LSS@Mentari program grew to approximately RM196 million, boosting its total unbilled order book to a record-breaking high of RM400 million.
Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “We are pleased to be growing on several verticals and continue to benefit from national programs such as LSS@Mentari and NEM 3.0. While our delivery timeline has been pushed back due to the lockdown measures, project orders remain very active from both the LSSPV, and Commercial and Industrial segments. The demand for solar continues to be resilient and is on an upward trajectory albeit the challenging operating landscape.”
“The investment flow towards solar projects is growing rapidly as more non-renewable energy industry players, such as oil and gas majors, are 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. In addition to that, Malaysia’s solar industry is also gaining traction from foreign investors as Southeast Asia is becoming the next key growth region.”
“The outlook for Solarvest beyond Malaysia is similarly bright and positive. Our ventures into overseas markets such as Taiwan and the Philippines are expected to kick into high gear with tender results expected to be announced in the near future. Around 30% of our approximate 1,000 MW tender book comes from the two countries. Once revenue from Taiwan and the Philippines start flowing in, we are expecting an elevated level of growth for the Group,” Mr. Davis concluded.
About Solarvest Holdings Berhad
Solarvest specialises in turnkey engineering, procurement, construction and commissioning (“EPCC”) services for solar photovoltaic (“Solar PV”) systems. The Group also provides operations and maintenance services of solar PV systems. It has an established track record, having completed solar PV systems for Large Scale Solar Photovoltaic (“LSSPV”) plants as well as residential, commercial and industrial properties.