InstaForex

September 1, 2021

Solarvest Signs Contract Worth RM175 Million, To Build Largest Solar Farm!

 Solaverst Holdings Bhd's unit, Atlantic Blue Sdn Bhd has won a contract worth RM175 million to set up the largest solar power (PV) generation facility in Chuping, Perlis.


According to Solarvest, the unit has been appointed as the engineering, procurement, construction and commissioning (EPCC) contractor for the development of the 50MW solar PV facility.


The project was obtained from Classic Solar Farm Sdn Bhd.


Assessing to the EPCC contract, the Solarvest unit will perform the design, engineering, installation and various other aspects on the solar PV system as well as to all related infrastructure.


Solarvest Group Chief Officer (CEO) Chong Chun Shiong said the project would be the largest solar power plant in Perlis with net energy generation of about 78,450 tonnes of CO2 annually once it started.



"The trust given is a joy to us in developing landmark projects and helping to establish clean energy from the northern region," he said.


Meanwhile, the company's order book has also jumped to RM583 million and become one of the largest EPCC solar order books in Malaysia today.


In line with its growth plans, Solarvest strives to create more jobs and increase its workforce to meet growing demand.


"This factor is seen as fueling our enthusiasm that renewable energy will continue to play an important role in meeting the economic recovery in Malaysia," he added.


As at 3.10pm, Solarvest's share price plunged four sen or 2.90% to RM1.34 with a market capitalization of RM896.34 million.