Kuala lumpur: Solarvest Holdings Bhd has secured a RM1.06 billion engineering, procurement, construction, and commissioning (EPCC) contract with Malakoff Silver Solar Sdn Bhd. In a Bursa Malaysia filing today, Solarvest revealed that its wholly owned subsidiary, Atlantic Blue Sdn Bhd, will spearhead the development of a 470 megawatt alternating current (MWac) solar photovoltaic plant and its interconnection facilities as part of the Large Scale Solar 5 programme (LSS5+) in Larut and Matang, Perak.
According to BERNAMA News Agency, Malakoff Silver Solar is a special purpose vehicle (SPV) set up to manage the project. The SPV is jointly owned by Solarvest and Malakoff Corporation Bhd, holding shares of 20 percent and 80 percent, respectively. Solarvest stated that Atlantic Blue will begin the execution of the project upon receiving the notice to proceed from Malakoff Silver Solar, with a completion deadline set for February 29, 2028.
Solarvest also mentioned that Atlantic Blue will provide a performance bond equivalent to 10 percent of the contract sum to Malakoff Silver Solar upon the execution of the EPCC contract. This performance bond will be effective from the date of issuance of the notice to proceed and will remain valid for 30 days after Malakoff Silver Solar issues the provisional acceptance certificate for the facility.
Additionally, Solarvest stated that Atlantic Blue will issue a warranty bond equivalent to 10 percent of the contract sum to Malakoff Silver Solar. This bond will be valid from the issuance date until the final acceptance certificate is issued. The acceptance of this contract is anticipated to positively impact the net assets and earnings per share of Solarvest and its associated companies for the financial year ending March 31, 2027, and onwards.
In a separate statement, Solarvest highlighted that the project significantly boosts the company's growing orderbook, which now amounts to RM2.7 billion. Solarvest also expressed its anticipation for the upcoming LSS6, which is expected to include a grid-scale battery energy storage system (BESS), aligning with Malaysia's National Energy Transition Roadmap (NETR) to support the next phase of the country's energy transition.