Malaysian solar company Solarvest Holdings Bhd has won a MYR 104 million (USD 24.2 million/EUR 22.1 million) contract to build a 43 MWp solar park in the western Malaysian state of Negeri Sembilan.
Solar Park to Produce Around 53,000 MWh of Electricity Annually
The engineering, procurement, construction, and commissioning (EPCC) contract was awarded by the Suria Hijauan consortium, led by LBS Bina Group Bhd, for the solar park in Senawang, Negeri Sembilan. Expected to be completed by the end of 2025, the facility will generate approximately 53,000 MWh of clean energy annually, offsetting around 35,000 tonnes of carbon dioxide emissions.
The project is also projected to produce 53,000 Renewable Energy Certificates (RECs), helping corporate consumers meet their sustainability goals. This initiative marks LBS Bina’s foray into renewable energy, allowing it to diversify its revenue through a partnership with MWG Solar Energy and Ocean Solar Energy.
“As a company deeply committed to ESG, we have consistently demonstrated our dedication to sustainability. Today marks a significant milestone as we celebrate the awarding of the EPCC contract to Solarvest, a reputable company known for its high-quality project delivery on time and within budget. Their expertise instils confidence in our construction efforts, enhancing our solar project’s credibility and fostering a collaborative environment for innovative solutions. We are optimistic that this partnership will help us achieve our project goals and advance our sustainability objectives,” said Tan Sri Dato’ Sri Ir. (Dr.) Lim Hock San, Group Executive Chairman of LBS Bina.
LBS Bina Ventures into Renewable Energy via CGPP
This project marks LBS Bina’s entry into the renewable energy sector through the Corporate Green Power Programme (CGPP). This strategic move aligns with the company’s commitment to sustainability and complements its primary focus on property development. The initiative is also expected to generate new, recurring revenue streams and improve the company’s long-term earnings outlook.
“As a clean energy player, we are encouraged by the growing ESG awareness among corporations and their ambitious sustainability goals. The CGPP offers a valuable platform for independent power producers like LBS Bina and us to contribute to the development of renewable energy infrastructure. Solarvest is honoured to provide EPCC services for its solar farm development. This project highlights our ability to deliver complex solar projects, even in challenging terrains like the hilly landscape of the site. With our innovative approach and detailed project planning, we are confident that the groundwork is in place for a successful construction phase,” said Mr. Davis Chong Chun Shiong, Executive Director and Group Chief Executive Officer of Solarvest.
Solarvest’s Project Pipeline
LBS Bina’s strategic entry into renewables highlights its commitment to sustainability. By undertaking ventures under the CGPP, the company will generate recurring revenue once the solar farm is operational, strengthening its long-term earnings outlook while complementing its core property development business.
As of September 2024, Solarvest’s EPCC order book totals RM582 million. The Group is also actively seeking additional EPCC projects under the Corporate Green Power Programme (CGPP), with a targeted capacity of around 380 MWp and an estimated project value of RM800 million.
