Solarvest secures contracts for 40MW solar plants development

The three solar plants to be constructed were valued at around $36.8m.

Clean energy firm, Solarvest Holdings Berhad has secured three engineering, procurement, construction and commissioning contracts to develop large-scale solar photovoltaic plants with a total capacity 40-megawatts, for a total of $36.8m (RM154.4m).

In a statement, Solarvest said the first project is a 15MW in Kampar, Perak by TEJA 2 Sdn Bhn worth around $12.98m (RM54.4m), whilst 10MW project by TEJA 2 Sdn Bhd worth $10.2m (RM42.8m) will also be built in Kampar, Perak.

The third project is a 15MW plant in Kinta, Perak by Kellie Energy Sdn Bhd valued at $13.6m (RM57.2m).

The 15 MW Kampar plant and 15 MW Kinta plant are expected to start commercial operations by end-2022, whilst the 10 MW Kampar plant is expected to be operational by mid-2023, it said.

The construction of the plants are under the large-scale solar (LSS) 4 scheme, it said. According to Malaysia’s Sustainable Energy Development Authority, the LSS scheme implemented by the Energy Commission “is a competitive bidding programme  to drive down the levelised cost of energy” for the development of large-scale solar plants.

With the new contracts, Solarvest Executive Director and Group CEO Davis Chong Chun Shiong said their total unbilled order book is now at another all-time high of around $177m (RM742m), majority of which will be recognised by the end of calendar year 2024, “provided encouraging earnings visibility for the Group.”

The CEO added that they are now focussing on developing a strong pipeline for the LSS5 which  request for proposal under the scheme set to begin this quarter.

“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. 

$1 = RM4.19