Solarvest Holdings Bhd, together with Binastra Corporation Bhd, has secured Engineering, Procurement, Construction and Commissioning (EPCC) contracts worth RM171.7 million for three large-scale solar (LSS5) projects.
In a research note, Maybank IBG said the contracts were awarded to Binastra Atlantic Sdn Bhd, a joint venture consortium between Binastra Corp (51%) and Solarvest (49%). The three solar farm projects have a combined capacity of 56.54MWac and were awarded by Maya Jaya Sdn Bhd, with completion targeted by June 2027.
Under the collaboration, Solarvest will lead the technical execution of the projects, while Binastra Corp will oversee project funding. Maybank IBG views the partnership positively, noting that it allows Solarvest to tap into Binastra’s expanding pipeline in green energy solutions while strengthening its presence in the LSS5 segment.
Order book lifted to RM1.7 billion
Based on its 49% effective stake in the consortium, the projects will contribute RM84.1 million to Solarvest’s effective order book, lifting it to RM1.7 billion, equivalent to about 3.8 times FY25 EPCC revenue.
Including this latest win, Solarvest’s year-to-date new contracts total RM1.3 billion, representing 51% of Maybank IBG’s FY26 order book replenishment assumption of RM2.5 billion. The research house expects further project wins to materialise by the end of FY26, potentially pushing the company’s order book to between RM2.5 billion and RM3.0 billion.
In addition, Maybank IBG highlighted the potential upside from Solarvest’s 20% stake in a 470MWac LSS5+ project with Malakoff, where finalisation of the EPCC contract could add RM1.0 billion to RM1.2 billion to the order book by end-FY26.
Forecasts unchanged, BUY maintained
Despite the new contract wins, Maybank IBG left its earnings forecasts unchanged, noting that the LSS5 projects are already within its existing order book assumptions.
The research house reiterated its BUY call on Solarvest with a sum-of-the-parts target price of RM3.67, implying 31 times FY27 earnings. It continues to favour Solarvest for its leading position in Malaysia’s solar EPCC market, where it commands more than 30% market share, and as a key beneficiary of the country’s energy transition agenda.
Overall, Maybank IBG said the latest contract awards further strengthen Solarvest’s growth visibility and reinforce its role as one of the main players driving Malaysia’s renewable energy expansion.
