KUALA LUMPUR: Solarvest Holdings Bhd
has achieved financial close for its last large-scale solar 4 (LSS4) project, the 12 megawatt (MW) solar farm in Manjung, Perak.
“This completes the financial close for all three LSS4 projects, which have a cumulative capacity of 50MW.
“We are also expecting an increase in net profit of around RM7mil after two of the three LSS4 projects are scheduled to be commissioned by May 2023,” executive director and group chief executive officer Davis Chong Chun Shiong said in a statement.
He said the group plans to leverage on the recent release of the 600 MW quota of solar photovoltaic assets under the Corporate Green Power Programme to replenish its unbilled order book.
“Additionally, our current unbilled order book of RM595mil is expected to be boosted by the robust job pipeline with a tender book of large-scale power plants and overseas projects of about 2.5 gigawatts.
“As we move forward, we are expanding our focus across the clean-energy value chain by venturing into other renewable energy and green technological innovations.
“On top of that, we will continue to explore further geographical expansion opportunities in the Philippines, Taiwan, Vietnam and Indonesia for renewable asset development and ownership,” Chong said.
In the first nine months to Dec 31, net profit jumped 354.6% to RM14.5mil, or earnings per share of 2.17 sen from RM3.2mil, or 0.49 sen a year ago. This marks the strongest nine-month performance in the group’s history.
