KUALA LUMPUR: Solarvest Holdings Bhd has clinched a RM66 million contract from Grooveland Sdn Bhd (Grooveland) to develop a large-scale solar PV (LSSPV) plant in Mukim Bota, Perak.
In an exchange filing today, the solar photovoltaic (PV) system specialist said the contact was its third win in one month from Grooveland.
Solarvest said it would undertake the main engineering, procurement, construction, and commission (EPCC) works for the 17.36 MW solar farm.
With the latest contract, Solarvest's new EPCC orders secured from the LSS@Mentari programme grew to about RM196 million, boosting its total unbilled order book to a record-breaking high of RM400 million.
Group chief executive officer Davis Chong Chun Shiong said the company was growing on several verticals and continued to benefit from national programmes such like LSS@Mentari and NEM 3.0.
"While our delivery timeline has been pushed back due to the lockdown measures, project orders remain very active from both the LSSPV, and commercial and industrial segments. The demand for solar continues to be resilient and is on an upward trajectory albeit the challenging operating landscape," he said in a separate statement today.
Chong said the investment flow towards solar projects was growing rapidly as more non-renewable energy industry players, such as oil and gas majors, were channelling their expansion spending to this high growth sector.
"The push for circular economy and green value chain is also driving local industrial players to shift to renewable energy. Malaysia's solar industry is also gaining traction from foreign investors as Southeast Asia is becoming the next key growth region," he said.
Chong said the outlook for Solarvest beyond Malaysia would be similarly bright and positive.
"Our ventures into overseas markets such as Taiwan and the Philippines are expected to kick into high gear with tender results expected to be announced in the near future.
"Around 30 per cent of our 1,000 MW tender book comes from the two countries. Once revenue from Taiwan and the Philippines start flowing in, we are expecting an elevated level of growth for the group," he added.