Gamuda Shares Rise On Landmark Tasmania Renewable Energy Deal
KUALA LUMPUR, July 2 (Bernama) -- Gamuda Bhd’s shares gained traction in early trade on Wednesday, following the signing of a landmark agreement with Tasmanian landowners to co-develop large-scale renewable energy projects.
At 9.36 am, the counter rose 9.0 sen to RM5.02, with 8.76 million shares changing hands.
In a statement on Tuesday, Gamuda said the agreement was signed via its wholly owned Australian subsidiary, Gamuda Holdings Pty Ltd, to jointly develop a renewable energy portfolio in Central Tasmania, an island state south of mainland Australia..
Marking its first major investment in Australia's renewable energy sector, Gamuda said the portfolio comprises 600 megawatts (MW) of wind and solar generation capacity and up to 600 MW of battery energy storage system (BESS) capacity.
The portfolio currently includes the Weasel Solar Farm and Cellars Hill Wind Farm, which have been led by prominent Tasmanian landowners, the Downie Family, in partnership with developer Alternate Path.
Gamuda said construction of the Weasel Solar Farm is expected to begin in 2027, followed by the Cellars Hill Wind Farm in 2028.
Gamuda added that it is also involved under Early Contractor Involvement agreements for Alinta Energy’s Oven Mountain Pumped Hydro Energy Project in New South Wales and Copenhagen Infrastructure Partners’ Capricornia Energy Hub in Queensland.
Meanwhile, MIDF Amanah Investment Bhd said Gamuda’s maiden foray into the renewable energy space marks the start of efforts to rebuild its recurring income stream, moving beyond merely executing large-scale energy projects.
“We are positive on the development, as it ensures job replenishment for Gamuda and recurring income once the assets reach commercial operation.
“The company’s strategy is to invest in shovel-ready solar and wind projects while selectively bidding for Engineering, Procurement and Construction (EPC) contracts in solar, wind, pumped hydro and transmission ventures,” it said in a note today.
Among the renewable energy projects Gamuda is currently engaged in is the early contractor involvement for the Oven Mountain Pumped Hydro Energy Project.
-- BERNAMA