Solarvest secures contracts to build 40 MW of solar farms in Malaysia

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March 10 (Renewables Now) - Malaysian photovoltaic (PV) plants builder Solarvest Holdings Bhd (KLSE:SLVEST) has been awarded three contracts to construct 40 MW of large-scale solar farms in its home country.

The engineering, procurement, construction and commissioning (EPCC) contracts have a combined value of MYR 154.4 million (USD 36.8m/EUR 33.5m) and were secured under the local large-scale solar 4 (LSS4) scheme, Solarvest said today.

The PV company has been appointed as the EPCC contractor by Taiping Solar Sdn Bhd, through three of the latter's wholly-owned subsidiaries.

More details on the projects are available in the table below.

Subsidiary Capacity Investment Location
TEJA 1 Sdn Bhd 15 MW MYR 54.4m Kampar, Perak
TEJA 2 Sdn Bhd 10 MW MYR 42.8m Kampar, Perak
Kellie Energy Sdn Bhd 15 MW MYR 57.2m Kinta, Perak

The TEJA 1 and Kellie solar farms are set to commence commercial operations by the end of the year, while the 10-MW TEJA 2 plant is scheduled for completion by mid-2023.

"With the new contracts, our total unbilled order book now stands at yet another all-time high of approximately MYR 742 million. Majority of which will be recognized by end of calendar year 2024, providing encouraging earnings visibility for the Group," said Solarvest's Executive Director and CEO, Davis Chong Chun Shiong.

(MYR 1.0 = USD 0.239/EUR 0.217)

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