Solarvest secures new RM29.2 million project

Solarvest Holdings Berhad (Solarvest) has secured a new project worth RM29.2 million from NE Suria Satu Sdn. Bhd. (NESS) for the installation of solar photovoltaic (PV) panels for a global renowned hypermarket chain in Malaysia.

NESS is a joint venture company between PETRONAS Power Sdn. Bhd. (subsidiary of Petroliam Nasional Berhad) and NEFIN Energy (Malaysia) Sdn. Bhd. (a member of NEFIN Group) to invest, undertake and deliver the solar PV project.

Under the EPCC agreement, Solarvest will undertake the full turnkey engineering, procurement, construction and commissioning (“EPCC”) works to install solar PV panels for the Phase One of the project, which includes 15 designated hypermarket stores with cumulative capacity of approximately 10,614 kilowatt peaks (“kWp”), located across Peninsular Malaysia.

The solar rooftop project will be completed within the year and is expected to contribute positively to Solarvest’s financial performance for the financial year ending March 31, 2021.

Group chief executive officer of Solarvest,  Davis Chong Chun Shiong  said, “This marks our largest rooftop project thus far for the Commercial and Industrial segment. Project flow for the Residential and C&I segment has been on an uptrend for us and makes up about 90 percent of our orderbook.”

“We have been receiving inquiries from customers across various industries such as manufacturing, hypermarkets, government linked companies, etc. It is encouraging for us as demand for large scale rooftop solar systems continue to rise along with the increase in green investments,” he added.

“Having renowned energy players such as Petronas and NEFIN Group on board will definitely help spur interest and further enhance the promising growth prospects of the domestic clean energy sectors,”he said.

The solar photovoltaic system specialist aims to replicate similar collaborations with more industry leaders to drive the uptake of solar energy in the country.

“We believe that solar energy will continue to be an attractive energy source given the sustainability of the power supply and relatively lower initial investment required as compared to other sources,” Davis said.

 

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