SOLAR photovoltaic (PV) system specialist Solarvest Holdings Bhd has continued its winning streak by clinching a second consecutive contract win worth RM87.5 mil to undertake the main engineering, procurement, construction, and commissioning (EPCC) works for a 20.76MW (megawatt) large scale solar (LSS) PV plant in Kulim (Kedah).
The contract was secured from Energy ES Sdn Bhd, a consortium comprising of Savelite Engineering Sdn Bhd, Moderntent Development Sdn Bhd and Frasers Construction (M) Sdn Bhd.
“Solarvest has grown alongside with the LSS programme since its formation, and we look forward to seeing the continuation of the programme as it plays a crucial role in driving the growth of the local solar industry,” commented Solarvest’s group CEO Davis Chong Chun Shiong.
“We are pleased to note that this new project win marks our 11th LSS project, second project under the LSS4 (fourth cycle of the large-scale solar programme) scheme.”
With this contract win, Solarvest’s total order book for EPCC works under the LSS4 programme now stands at RM130.4 mil.
“We hope to further increase our market share in the LSS4 programme in the coming months as shortlisted bidders are in the advanced stages of awarding the EPCC contracts out,” projected Chong.
“In total we have a tender pipeline of RM600 mil to RM700 mil worth of projects under the LSS4 programme alone.”
Additionally, Solarvest’s commercial and industrial segment is also growing rapidly with robust project orders. The increasing focus in environment, social and governance (ESG) practices among businesses has been one of the key growth drivers, according to Chong.
“The surge in demand from both segments bolstered our total unbilled order book to new heights at RM315.5 mil,” he shared.
“We believe the momentum will be sustained considering the active tenders flow in the region right now. To date our tender book enlarged to approximately 1,000MWp (Megawatt peak) worth of projects across Malaysia, Taiwan and Philippines.’
At the close of today’s mid-day trading, Solarvest was up 2 sen or 1.8% to RM1.13 with 4.83 million shares traded, thus valuing the company at RM716 mil. – July 15, 2021
