Solarvest bags RM66 million contract

by | Aug 10, 2021 | NEWS | 0 comments

Solar photovoltaic system specialist Solarvest Holdings Bhd has bagged a contract worth RM66 million to develop a large-scale solar photovoltaic (LSSPV) plant in Perak from Grooveland Sdn Bhd.

 This development pushed its total unbilled order book to a record high of RM400 million and the contract entailed the group undertaking the main engineering procurement,  construction and commissioning (EPCC) works for the 17.36 megawatt (MW) solar farm.

Solarvest’ project orders remained ‘very active’ from both the LSSPV as well as commercial and industrial segments despite the delay in delivery timeline due to lockdown restrictions.

Solarvest is reportedly pleased to be growing on several verticals and continue to benefit from national programs such as LSS@Mentari and the Net Energy Metering 3.0 program (NEM 3.0). This is why the demand for solar continues to be resilient.

Malaysia’s solar industry was gaining traction from foreign investors as South-East Asia was becoming the next key growth region. Investments in solar projects are growing rapidly as more non-renewable energy industry players, such as oil and gas players, channel their expansion spending to this high growth sector.

The push for a circular economy  and green value chain was also driving local industrial players to shift to renewable energy.