Solarvest clinches contract from Grooveland for RM66m

by TMR / pic credit:

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

In a filing to Bursa Malaysia today the company said the group will undertake the main engineering, procurement, construction, and commission (EPCC) works for the 17.36-megawatt solar farm.

With the latest contract, Solarvest’s new EPCC orders secured from the [email protected] programme grew to approximately RM196 million, boosting its total unbilled order book to a record-breaking high of RM400 million.

“We are pleased to be growing on several verticals and continue to benefit from national programmes such as [email protected] and NEM 3.0. While our delivery timeline has been pushed back due to the lockdown measures, project orders remain very active from both the LSSPV, and Commercial and Industrial segments.

“The demand for solar continues to be resilient and is on an upward trajectory albeit the challenging operating landscape,”said Group CEO of Solarvest Davis Chong Chun Shiong.

“The investment flow towards solar projects is 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,” he added.

Solarvest’s ventures into overseas markets such as Taiwan and the Philippines are expected to kick into high gear with tender results expected to be announced in the near future.

“Around 30% of our approximate 1,000 MW 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,” said Davis.