SOLARVEST Holdings Bhd has been appointed as a contractor to install rooftop solar photovoltaic (PV) panels for a hypermarket chain for RM29.2 million, its largest such project thus far in the commercial and industrial (C&I) segment.
Group CEO Davis Chong Chun Shiong said under the engineering, procurement, construction and commissioning (EPCC) agreement with NE Suria Satu Sdn Bhd (NESS), the company will undertake works to install solar PV panels for Phase 1 of the project.
“This includes 15 designated hypermarket stores with a cumulative capacity of approximately 10,614 kilowatt peaks (kWp), located across Peninsular Malaysia,” he said in a statement today.
Chong said the solar rooftop project would be completed within the year and was expected to contribute positively to Solarvest’s financial performance for the financial year ending March 31, 2021.
NESS is a joint venture between Petronas Power Sdn Bhd and NEFIN Energy (Malaysia) Sdn Bhd to invest in, undertake and deliver the solar PV project.
“Project flow for the residential and C&I segments has been on an uptrend for us and makes up about 90% of our orderbook,” Chong said.
On Solarvest’s outlook, he said the company, which was listed on the ACE Market last November, remained optimistic of its growth prospects after taking into account the near-term challenges.
“We have taken several measures to ensure the safety of our people as well as to best limit the impact of Covid-19 on our business, which includes enabling work-from-home capabilities and shifting our operations online where feasible.
“We will continue to work hard to navigate through this unprecedented period and future-proof our business,” he said. — April 23, 2020, Bernama
