Solarvest Secures RM401 Million EPCC Contract for LSS5 Solar Project

Solarvest Holdings Bhd has secured a RM401 million contract from TNB Kuala Muda Solar Sdn Bhd for engineering, procurement, construction, and commissioning (EPCC) works on a large-scale solar photovoltaic (LSS) facility in Bukit Selambau, Kedah. The contract was awarded to Solarvest’s wholly-owned subsidiary, Atlantic Blue Sdn Bhd (ABSB) following a competitive bidding process.

According to Solarvest’s filing with Bursa Malaysia, the project involves the development of a 500-megawatt alternating current (MWac) solar power plant under the fifth large-scale solar (LSS5) programme. Preliminary works are set to begin upon acceptance of the Letter of Award (LoA), with completion targeted for July 31, 2027.

The project scope includes engineering and procurement of all necessary equipment, excluding major components. Solarvest’s board noted that the LoA and project execution are expected to have a positive impact on net assets and earnings per share (EPS) for the financial year ending March 31, 2026, and beyond. The company does not anticipate any exceptional risks aside from normal operational challenges.

Financial Performance and Growth Strategy

For the third quarter ended December 31, 2024 (3Q25), Solarvest reported a net profit of RM14.37 million, up from RM10.65 million in the previous year’s corresponding quarter. The increase was attributed to the progress of utility-scale solar projects under the Corporate Green Power Programme.

Revenue for the quarter rose to RM135.39 million, compared to RM112.40 million a year earlier, resulting in an EPS of 2.01 sen for 3Q25, up from 1.59 sen in 3Q24. However, for the cumulative nine-month period ended December 31, 2024, Solarvest’s net profit rose to RM31.41 million, while revenue declined 21.16% to RM311.95 million.

As of December 31, 2024, the group’s unbilled order book stood at RM877 million, which will be progressively recognized over the coming year. Solarvest aims to expand its order book by capitalizing on opportunities from the two-gigawatt LSS5 quota and potential projects under the LSS5+ bidding round.

Despite market uncertainties, the board remains optimistic about Solarvest’s performance in the upcoming financial year, reinforcing its commitment to advancing Malaysia’s renewable energy sector.