Solarvest Secures RM113 Mln EPCC Contract Under Corporate Green Power Programme

KUALA LUMPUR, Sept 3 (Bernama) -- Solarvest Holdings Bhd has secured a RM113 million engineering, procurement, construction, and commissioning (EPCC) contract from P Solar Sdn Bhd.

In a statement today, the clean energy company said the partnership, part of the Corporate Green Power Programme (CGPP), will facilitate the development of a 45 MWp solar farm in Pekan, Pahang.

CGPP is an initiative by the government to provide opportunities for business entities to participate in the promotion and use of renewable energy in their business operation.

“The solar farm is expected to generate approximately 57,500 MWh of clean energy annually, which is equivalent to offsetting around 36,800 tonnes of CO2 emissions,” Solarvest said.

The solar farm project is estimated to be completed by the end of 2025 and is anticipated to contribute nearly 60,000 Renewable Energy Certificates (RECs) to the market.

These RECs will help corporate consumers meet their sustainability objectives and reduce their carbon footprints.

Solarvest executive director and group chief executive officer Davis Chong Chun Shiong said the demand for RECs is increasing in Malaysia, driven by investments in data centres and the semiconductor industry.

He said many companies have set ambitious sustainability goals, including net-zero carbon emissions, however, limited roof space can make fulfilling net-zero commitments challenging.

Research shows that an additional 12GW of installed renewable energy capacity will be needed for domestic demand by 2050, on top of the existing four GW.

“The CGPP allows solar investors like P Solar to contribute and build the required renewables energy infrastructure,” Chong said.

Solarvest has assisted clean energy investors and partners to bid around 443.4 MWp of CGPP, and the group is currently actively pitching the EPCC opportunities with a potential revenue of over 714 million.

In a filing with Bursa Malaysia, Solarvest said the EPCC contract is expected to contribute positively to its net assets and earnings per share and its group of companies for the financial year ending March 31, 2025, and until the project’s completion.

-- BERNAMA