Solarvest Holdings Bhd's unit, Atlantic Blue Sdn Bhd has received a contract worth RM66 million from Grooveland Sdn Bhd.
The acquisition of the contract will make the company the main engineering, procurement, construction and commissioning (EPCC) contractor for the development of a large -scale 17.36MW solar photovoltaic plant in Perak.
Through the notification issued, the contracts obtained will have a positive impact on the net assets and earnings per share of Solarvest and the group of companies for the financial year ended 31 March 2022.
New EPCC Solarvest orders received from the LSS or Mentari program jumped to around RM196 million and pushed the increase in total unbilled contract value turnover to a high level of RM400 million.
Solarvest Group CEO Davis Chong Chun Shiong said investment flows for solar projects are heating up with the impetus for a cyclical economy and a green value chain driving local industry players to shift to renewable energy.
Now, more major players in the non -renewable energy industry such as oil and gas are beginning to be attracted to channel spending for their expansion into this growth sector.
Indirectly, it helps the solar industry in Malaysia receive traction from foreign investors as Southeast Asia will now be the next major growth chain.
Chong added that Solarvest's prospects outside Malaysia were seen to continue to receive a positive impact despite efforts to explore overseas markets such as Taiwan and the Philippines which would enter the next stage.
