Solarvest Order Book Hits RM400 Million After Securing An RM66 Million Project

Solarvest Energy Sdn Bhd engineers inspecting solar panels at the company office in Butterworth, Penang. Star pix by ASRI ABDUL GHANI / The Star / April 11, 2017.

Solar photovoltaic system specialist, Solarvest Holdings Berhad has secured a RM66 million contracts, its third win in one month from Grooveland to develop a large-scale solar PV plant in Mukim Bota, Perak.

The company will undertake the main engineering, procurement, construction, and commission (“EPCC”) works for the 17.36-megawatt solar farm. With the latest contract, Solarvest’s new EPCC orders secured from the LSS@Mentari programme grew to approximately RM196 million, boosting its total unbilled order book to RM400 million. Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong said, “We are pleased to be growing on several verticals and continue to benefit from national programmes such like LSS@Mentari and NEM 3.0. While our delivery timeline has been pushed back due to the lockdown measures, project orders remain very active from both the LSSPV, and Commercial and Industrial segments. The demand for solar continues to be resilient and is on an upward trajectory albeit the challenging operating landscape.”

According to the CEO, the investment flow towards solar projects is growing rapidly as more non-renewable energy industry players, such as oil and gas majors, are channelling their expansion spending to this high growth sector. The push for circular economy and green value chain is also driving local industrial players to shift to renewable energy. In addition to that, Malaysia’s solar industry is also gaining traction from foreign investors as Southeast Asia is becoming the next key growth region.

Outlook for Solarvest beyond Malaysia positive, ventures into overseas markets such as Taiwan and the Philippines are expected to kick into high gear with tender results expected to be announced in the near future. Around 30% of its approximate 1,000 MW tender book comes from the two countries.

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