Solarvest to build solar rooftops for Lotus’s Malaysia at RM20.1m - MIDA | Malaysian Investment Development Authority
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Solarvest to build solar rooftops for Lotus’s Malaysia at RM20.1m

Solarvest to build solar rooftops for Lotus’s Malaysia at RM20.1m

24 Mar 2022

Solarvest Holdings Bhd has been appointed by NEFIN Group as the engineering, procurement, construction, and commissioning (EPCC) solutions provider for a rooftop solar photovoltaic (PV) project involving hypermarket chain Lotus’s Malaysia, said the clean energy specialist.

The total contract price for the project is fixed at RM20.1 million and is expected to achieve commercial operations on July 31, 2022, according to Solarvest’s bourse filing on Thursday (March 24).

In a separate statement, Solarvest said the project will involve 12 stores and one fresh distribution centre for Lotus’s Malaysia, with an estimated cumulative capacity of 7.98 megawatts-peak (MWp).

It added that it was engaged in 2021 by NE Suria Satu Sdn Bhd (NESS), a joint-venture company of Petronas and NEFIN Group, to complete the first phase of the project where Solarvest installed solar PV panels at 15 Lotus’s Malaysia hypermarkets (then known as Tesco) across Peninsular Malaysia.

It highlighted that when the project is completed, Lotus’s Malaysia will have 27 solar-powered outlets, the most among all hypermarket chains in Malaysia.

“With electricity costs accounting for a big part of hypermarkets’ operating expenses, solar energy is a cheaper alternative as it protects them against electricity rate hikes.

“Further, the installation of a 7.98MWp solar PV system could effectively offset about 6,633 tonnes of carbon emissions annually, which is equivalent to planting around 301,000 trees,” said Solarvest.

Solarvest group CEO and executive director Davis Chong Chun Siong said the group is pleased to be reappointed for the second phase of the rooftop project.

“Having worked with NEFIN Group on a few other occasions, including the first phase of this project, we are confident that this collaboration will once again produce top-notch results.

“The repeat contract is a testament to both our quality workmanship and ability to deliver innovative solutions in the solar PV EPCC space,” Chong said.

According to Solarvest, Southeast Asian countries such as the Philippines, Singapore, Thailand, and Vietnam have seen a surge in solar-powered shopping malls and hypermarkets, in line with global trends where retail groups are accelerating their adoption of renewable energy.

Chong added that Solarvest continues to expect conducive policies for renewable energy to get as many parties involved, as quickly as possible, as Malaysia works towards its carbon neutral goal by 2050.

“Thus, the market potential remains huge for clean energy players like NEFIN Group and Solarvest. To which, we look forward to many more fruitful collaborations to come,” he concluded.

At midday break on Thursday, Solarvest was 1.5 sen or 1.73% lower at 85 sen, valuing the group at RM563.96 million.

Source: The Edge Markets