Solarvest Bags Another Three LSS4 EPCC Contracts Valued at RM154.4 million

Clean energy specialist, Solarvest Holdings Berhad (Solarvest) has today secured three engineering, procurement, construction, and commissioning (EPCC) contracts to develop large-scale solar photovoltaic (LSSPV) plants under the large-scale solar 4 (LSS4) scheme for an aggregate value of RM154.4 million. The three plants have an accumulated capacity of 40 megawatts (MW).

The key details of the projects are as follows:

15 MW in Kampar, Perak by TEJA 1 Sdn Bhd valued at RM54.4 million
10 MW in Kampar, Perak by TEJA 2 Sdn Bhd valued at RM42.8 million
15 MW in Kinta, Perak by Kellie Energy Sdn Bhd valued at RM57.2 million

The 15 MW Kampar plant and 15 MW Kinta plant are expected to reach commercial operations by end-2022. Meanwhile, the 10 MW Kampar plant is expected to be commercially operational by mid-2023.

Executive Director and Group Chief Executive Officer of Solarvest, Mr Davis Chong Chun Shiong (张俊雄) said, “We are extremely delighted to have secured three additional EPCC contracts, officially wrapping up our tender participations for the LSS4 scheme. Overall, we believe the positive tender results are reflective of our track record in providing cutting-edge solutions. With the new contracts, our total unbilled order book now stands at yet another all-time high of approximately RM742 million. Majority of which will be recognized by end of calendar year 2024, providing encouraging earnings visibility for the Group.”

“Mentioned in our recently unveiled 5-Year Strategic Roadmap, one of the key growth pillars is to maintain our market leader standing as a clean energy solutions provider in the EPCC space. With the request for proposal (“RFP”) of LSS5 set to begin this quarter, our attention is now focused on developing a strong pipeline under the new scheme. In addition to that, we also see LSS5 as a good opportunity to build up our renewable energy asset portfolio as we work towards our goal of 30% recurring income, which is in line with the second pillar of growth under our 5-year plan,” Mr Davis concluded.