Solarvest clinches contract to develop 17.36MW solar farm in Perak - MIDA | Malaysian Investment Development Authority
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Solarvest clinches contract to develop 17.36MW solar farm in Perak

Solarvest clinches contract to develop 17.36MW solar farm in Perak

04 Aug 2021

Solarvest Holdings Bhd has secured a RM66 million contract, its third win in one month from Grooveland Sdn Bhd to develop a large-scale solar photovoltaic (PV) plant in Mukim Bota, Perak.

The solar PV system specialist will undertake the main engineering, procurement, construction, and commission (EPCC) works for the 17.36 megawatt (MW) solar farm.

With the latest contract, Solarvest’s new EPCC orders secured from the LSS@Mentari programme grew to RM196 million, boosting its total unbilled order book to a record RM400 million.

Solarvest group CEO Davis Chong Chun Shiong said even though the delivery timeline had been pushed back due to the lockdown measures, the group’s project orders remain active from both the LSSPV and commercial and industrial segments.

“We are growing on several verticals and continue to benefit from national programmes such like LSS@Mentari and NEM 3.0. The demand for solar continues to be resilient and is on an upward trajectory albeit the challenging operating landscape,“ he said in a statement.

Chong said the investment flow towards solar projects has been 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. Malaysia’s solar industry is also gaining traction from foreign investors as Southeast Asia is becoming the next key growth region.

“The outlook for Solarvest beyond Malaysia is similarly bright and positive. Our ventures into overseas markets such as Taiwan and the Philippines are expected to kick into high gear with tender results set to be announced in the near future.

“Around 30% of our 1,000MW tender book comes from the two countries. Once revenue from Taiwan and the Philippines start flowing in, we are expecting an elevated level of growth for the group,“ Chong said.

Source: The Sun Daily