News

Solarvest eyes EPCC projects worth up to RM700 mln

KUALA LUMPUR, March 15  -- Solarvest Holdings Bhd aims to clinch 300 megawatts (MW) of engineering, procurement, construction and commissioning (EPCC) projects worth between RM600 million and RM700 million from the successful bidders of the LSS@MEnTARI programme.

This will boost its financial performance in the financial year 2021 up till financial year 2023, the solar photovoltaic system specialist said in a statement Monday.

Solarvest is also confident that the group is in good position to fulfil the requirements and financial close for the bids of the programme, backed by its robust financial strength.

Its wholly-owned subsidiary, Atlantic Blue Sdn Bhd was announced as one of the successful bidders in the programme to provide cumulative capacity of 50 MW of solar-powered electricity via three large-scale solar farms.

The shortlisted bidders were announced last Friday by the Energy Commission.

“We’re thrilled to be shortlisted for the tender as it marks a major leap forward in our expansion plans,”  Solarvest group chief executive officer Davis Chong Chun Shiong said, adding that its solar asset portfolio would be one third of the group’s total revenue in three to five years.

The group is also looking for more investment opportunities for large-scale solar projects in both the domestic and overseas markets, such as Taiwan, to expand its solar assets portfolio.

“We’re seeing utility companies joining force to pave ways for cross-border electricity distribution, hence, we believe the export of clean energy will be the next key driver for growth in Malaysia,” he said.

Solarvest recently raised a total of RM38.7 million from the issuance and private placement of 32.0 million new shares at an issue price of RM1.21 per share, which boosted its cash in hands to RM80.3 million.

The group is in net cash position of RM64.3 million and maintained a low gearing ratio of 0.1 times as of Dec 31, 2020.

Among the three shortlisted bids, the largest solar farm, which will be based in Manjung, Perak, has a capacity of 25MW, followed by a 13MW in Kuala Selangor and a 12MW in Manjung, Perak.

Chong said the solar plants are expected to be operational by end of 2022 and 2023.

Upon completion of the solar plants, Solarvest expects earnings contribution of between RM8 million and RM9 million annually from the three solar farms.

This recurring income will contribute positively to the group financial performance during the entire tenure of the 21-year power purchase agreement which is expected until year 2043, he said.

-- BERNAMA

 

 

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