MAYA Jaya Sdn Bhd, which had been entrusted with the development of large scale solar (LSS5) awarded a RM171.1 mil EPCC contract to Binastra Atlantic Sdn Bhd.
The latter, being 49% ultimately owned by SLVEST, allows SLVEST to add RM84 mil to its order book which rose to RM1.7 bil.
“Maya Jaya is 51% owned by Waz Jaya Builders Sdn Bhd, and two entities controlled by managing director of Binastra,” said Kenanga.
The award comprises three projects namely MJ1 (RM93.3 mil), MJ2 (RM28.5 mil) and MJ3 (RM49.9 mil). On an aggregate 56.45 MWac for these plants, the awards are equivalent to RM3 mil per MWac, within norms albeit at the lower-end.
Responsibilities are also shared– Solarvest is tasked with technical execution of the project, whereas Binastra will undertake project funding and provide strategic oversight.
It was revealed that Google would be purchasing solar power from a 29.99MW solar plant, SM01, developed by Japan-based renewable energy developer Shizen Energy group, who owns the largest stake (49%) in the plant.
The latter announced this in a statement,having achieved financial close. The track record of supplying power to Google thus also accrues to SLVEST, with its 33% stake in the SM01 plant; SLVEST had also been earlier tasked to undertake the EPCC portion.
This being Google’s first inaugural PPAs under Malaysia CGPP augurs well for SLVEST to collaborate actively ahead, including under CRESS bids, particularly for data centre build-out requiring green energy.
“We like SLVEST for the bright outlook of the RE market in Malaysia, underpinned by the government’s strong commitment towards RE, the export potential of RE and improved commercial viability of solar power projects on falling solar panel prices,” said Kenanga.
Also, SLVEST has a dominant market position with a market share of over 30% in the solar EPCC space. Not forgetting, its strong earnings visibility backed by a sizable outstanding order and tender books, and recurring income from a growing portfolio of solar assets. Kenanga maintains Outperform for SLVEST. —Dec 16, 2025
Main image: Energy Global
