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Solarvest wins rooftop solar project worth RM29.2 mil

Solarvest wins rooftop solar project worth RM29.2 mil

23 Apr 2020

Solarvest Holdings Bhd has secured a rooftop solar project worth RM29.2 million from Petronas-linked NE Suria Satu Sdn Bhd (NESS), involving 15 stores of a hypermarket chain here.

In a filing today, Solarvest said its wholly-owned unit Solarvest Energy Sdn Bhd has entered into an agreement with NESS for the provision of engineering, procurement, construction, installation, testing and commissioning of the solar PV system.

The majority shareholders of NESS are Petronas Power Sdn Bhd — a wholly-owned unit of Petronas; and NEFIN Energy (Malaysia) Sdn Bhd — a subsidiary of bespoke solar developer and asset management firm NEFIN Group.

Under the contract, Solarvest is appointed as a contractor on a turnkey basis to undertake the project, which has a cumulative system capacity of about 10,614kW peaks.

“The project shall be completed as per the project schedule agreed by NESS, upon the issuance of notice to proceed [with the] individual site by NESS to Solarvest Energy,” it said.

“The project is expected to contribute positively to the earnings and net assets of Solarvest for the financial year ending March 31, 2021,” it added.

This is the third contract Solarvest announced this month, following two maiden solar power plant contracts it announced on April 14 that it had secured in the Philippines.

Solarvest shares closed 1 sen lower at 95.5 sen today, giving it a market capitalisation of RM373.05 million.

Source: The Edge Markets

Posted on : 23 April 2020