PETALING JAYA: The near-term prospects of Sunview Group Bhd
will be driven by the Corporate Green Power Programme (CGPP), which will provide the group with earnings visibility up to financial year 2026 (FY26), according to MIDF Research.
Other than the two 29.99 megawatt (MW) allocations secured under a consortium, Sunview is also eyeing engineering, procurement, construction and commissioning (EPCC) opportunities for five other CGPP awardees. This would add another RM550mil worth of jobs to its order book, estimates MIDF Research.
“Sunview is also aiming for further allocations under the CGPP, of which a balance of 236.6MW has yet to be awarded by the Energy Commission out of the 800MW quota. The group has ongoing applications and has resubmitted several others,” said the research house.
Under the two quotas secured earlier, Sunview holds a 10% stake under the consortium with JAKS Solar Power and Ann Joo Green Energy and 80% of the quota awarded to Solarcity-REIT. The remaining 20% of the latter will be held by Coara Solar Sdn Bhd.
The research firm noted that at RM472.7mil, Sunview’s unbilled order book is among the highest among its peers. Its jobs are made up mainly of large-scale solar projects, most of which would be completed by FY24 ending March.
Sunview also has plans to venture overseas, involving a project in Cambodia, two projects in Indonesia of 5MW and 10MW capacities, plus four projects in Eastern Europe, with capacities of 10MW and the remaining three at 3.5MW each.
“The group’s strategy is to enter these new markets as asset owners before embarking on EPCC jobs.
“Management said negotiations with its eastern Europe counterparts are almost at the tail end, which they hope to wrap up in several months’ time,” added MIDF Research.
