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Solarvest’s Shares Up on RM175m Large-Scale Solar Project Win – EQ Mag Pro

Solarvest’s Shares Up on RM175m Large-Scale Solar Project Win – EQ Mag Pro

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KUALA LUMPUR : Solarvest Holdings Bhd’s shares on Bursa Malaysia went up in the early session today after the group announced that its wholly-owned unit, Atlantic Blue Sdn Bhd (ABSB), secured a RM175 million large-scale solar (LSS) project in Chuping, Perlis.

At 9.44 am, the counter rose 1.0 sen to RM1.38 with 1.24 million shares changing hands.

In a statement Wednesday, Solarvest said the contract was awarded by Classic Solar Farm Sdn Bhd, adding that under the contract, ABSB would undertake the main engineering, procurement, construction and commission works for the 50-megawatt (MW) solar farm.

Group chief executive officer Davis Chong Chun Shiong said with this win, the company’s unbilled orderbook had increased to RM583 million.

“This project is expected to be the largest solar power plant in Perlis. The clean energy generation will offset approximately 78,450 tonnes of carbon dioxide per year upon commencement,” he said.

Chong said currently, the group is collectively tendering for approximately 1,000-megawatt peak (MWp) worth of projects in Malaysia, Taiwan and the Philippines. ― Bernama

Source: malaymail

Anand Gupta Editor - EQ Int'l Media Network