KUALA LUMPUR: Clean energy company Solarvest Holdings Bhd has been awarded a RM113.29 million engineering, procurement, construction, and commissioning (EPCC) contract to build a 29.99 megawatts photovoltaic facility in Pekan, Pahang.
The contract was awarded by P Solar Sdn Bhd and is part of the Corporate Green Power Programme.
"Upon completion, the solar farm is expected to generate approximately 57,500 megawatt hour (MWh) of clean energy annually, which is equivalent to offsetting around 36,800 tonnes of carbon dioxide (CO2) emissions."Estimated to complete by the end of 2025, the solar farm project is anticipated to contribute nearly 60,000 Renewable Energy Certificates (RECs) to the market," it said.
Solarvest said the RECs will help corporate consumers meet their sustainability objectives and reduce their carbon footprints.
In a filing on Bursa Malaysia Securities, Solarvest said it aims to complete the work within eighteen months.
"The project is expected to contribute positively to its net assets and earnings per share of Solarvest and its group of companies for the financial year ending March 31, 2025 and onwards until the completion of the project," it said.
Solarvest group chief executive officer and executive director Davis Chong Chun Shiong said the demand for RECs are increasing in Malaysia, driven by investments in data centres and the semiconductor industry.
He added that Many companies have set ambitious sustainability goals, including achieving net-zero carbon emissions but limited roof space can make fulfilling net-zero commitments challenging.
"Research shows an additional 12GW will be needed for domestic demand by 2050 on top of the existing 4 GW of installed renewable energy capacity. The CGPP allows solar investors like P Solar to contribute and build the required renewables energy infrastructure," he adds.
Solarvest's share price saw 1.27 per cent increase, adding 2 sen to RM1.59, from RM1.57, with a market capitalisation of RM1.1 billion.