KUALA LUMPUR: Solarvest Holdings Bhd has bagged a RM1.06 billion engineering, procurement, construction and commissioning (EPCC) contract with Malakoff Silver Solar Sdn Bhd.
In a Bursa Malaysia filing today, Solarvest said its wholly owned subsidiary, Atlantic Blue Sdn Bhd, will undertake the development of a 470 megawatt alternating current (MWac) solar photovoltaic plant and its interconnection facilities under the Large Scale Solar 5 programme (LSS5+) in Larut and Matang, Perak.
Malakoff Silver Solar is a special purpose vehicle (SPV) incorporated to undertake the project.
It is jointly owned by Solarvest and Malakoff Corporation Bhd, with shareholdings of 20 per cent and 80 per cent, respectively.
“Atlantic Blue shall commence the execution of the works upon receipt of the notice to proceed from Malakoff Silver Solar and shall ensure that the works are completed by Feb 29, 2028,” it said.
Solarvest said Atlantic Blue shall provide a performance bond equivalent to 10 per cent of the contract sum to Malakoff Silver Solar upon execution of the EPCC contract.
It said the performance bond shall be effective from the date of issuance of the notice to proceed and shall remain valid for 30 days after the issuance of Malakoff Silver Solar’s provisional acceptance certificate for the facility.
“Atlantic Blue also shall provide a warranty bond equivalent to 10 per cent of the contract sum to Malakoff Silver Solar, which shall be valid from the date of the issuance of the bond until the issuance of the final acceptance certificate,” it noted.
Solarvest said the acceptance of the contract is expected to contribute positively to the net assets and earnings per share of Solarvest and its group of companies for the financial year ending March 31, 2027, and onwards until the completion of the project.
In a separate statement, Solarvest said the project adds significant momentum to the company’s growing orderbook, which now stands at RM2.7 billion.
“We are also looking forward to welcoming the upcoming LSS6, with an expected inclusion of a grid-scale battery energy storage system (BESS) to support the next phase of Malaysia’s energy transition aligned with the National Energy Transition Roadmap (NETR),” it added. – BERNAMA
