Alpina Holdings Limited is an established Singapore-based specialist in providing integrated building services (IBS), mechanical and electrical (M&E) engineering services, and alteration and addition works to public and private sector projects announces that its wholly owned subsidiary, Alpina Energy Pte.Ltd., has been awarded a contract in Singapore with a provisional contract sum of approximately S$117million (the Solarnova Phase 6 Contract) by Novasix Pte. Ltd. The provisional contract sum is indicative only and may not be an accurate indicator of the actual revenue to be recognized by the Group under the Solarnova Phase 6 Contract as the final contract sum will depend on, inter alia, the actual energization capacity at the final design stage as well as during the implementation phase of the Project.
The Solarnova Phase 6 Contract is expected to be completed by the end of 2024 and is the latest single contract secured by the Group to date.
In March 2022, the Group’s wholly-owned subsidiary, Digo Corporation Pte Ltd, and Terrenus Energy Pte. Ltd., a renewable energy systems developer and solutions provider based in Singapore, were jointly awarded the sixth solar leasing tender under the SolarNova programme by the Housing & Development Board (HDB). Novasix is the joint venture company incorporated by Digo Corporation and Terrenus Energy to undertake the Project and as of the date hereof, Digo Corporation holds a 51.0% shareholding interest in Novasix, with Terrenus Energy holding the remaining 49.0% shareholding interest.
The Solarnova Phase 6 Contract involves the design, installation, construction, testing, and commissioning of solar photovoltaic systems for the Project, which aims to aggregate public sector demand for the installation of solar panels across 1,198 HDB blocks and 57 government sites. In addition, the Project includes the requirement to install smart electrical sub-meters at HDB blocks to monitor and analyze energy consumption patterns and the performance of common services at each HDB block.
The Solarnova Phase 6 Contract is not expected to have a material impact on the earnings per share and net tangible assets per share of the Group for the current financial year ending 31 December 2023.
The Group holds 15 Workhead registrations and 2 builder licences with the Building and Construction Authority (BCA). Among these, the Group holds a ME03 (Solar PV system integration) Workhead registration, which allows the Group to undertake installation, testing, commissioning, maintenance, and repair of ground/building-mounted grid-connected solar PV systems for electricity generation.
Alpina’s Executive Chairman and Chief Executive Officer, Mr. Low Siong Yong, said, “Together with Terrenus Energy, we are delighted to have reached another key milestone in our renewable energy venture. For Alpina, it is much more significant as the provisional contract sum of S$117 million marks the largest single contract ever secured by the Group. With Alpina’s integrated capabilities and focus on operational excellence, we are well-positioned to build up our track record as an enabler for green energy. Solar energy is pivotal in mainstreaming renewable energy usage in Singapore, hence we look forward to working closely with our partners to bring the Project to fruition, generating steady commercial and environmental value in the long run for stakeholders.”
