PETALING JAYA: Gamuda Bhd
’s wholly-owned subsidiary in Australia, DT Infrastructure Pty Ltd has secured a RM1.8bil (A$625mil) engineering, procurement and construction (EPC) in Australia.
Gamuda, in a filing with Bursa Malaysia, announced that the Goulburn River Solar Farm construction has been awarded to DT Infrastructure by Goulburn River Fund Pty Ltd, trustee for the Goulburn River Trust.
DT Infrastructure’s role in the delivery of the Goulburn River Solar Farm will include the civil, structural and electrical infrastructure required for the 585 megawatts (MW) solar farm.
The Goulburn River Solar Farm, located in the Upper Hunter Region of New South Wales, will provide a significant source of renewable energy to energy users in the region.
The contract duration is 24 months, with the commencement date set for Jan 1, 2025.
“Once operational, Goulburn River Solar Farm’s 585MW-peak capacity will generate enough renewable energy to power approximately 225,000 homes.
“It is also expected to reduce carbon emissions each year by 910,000 tonnes each year – playing a significant role in supporting Australia’s sustainability goals and its clean energy transition,” Gamuda said.
“The Goulburn River Solar Farm is expected to contribute positively to the revenue and earnings of Gamuda Group for the financial year ending July 31, 2025,” it added.
Last week, Gamuda announced two moves by its subsidiary Gamuda Technologies Sdn Bhd, with the first being a partnership with Dagang Nexchange Bhd (Dnex) for a 50:50 joint venture to be the sole provider for Google Distributed Cloud air-gapped services (GDC Services) to the government and clients in Malaysia.
Additionally, Gamuda will also be taking up a 20% equity stake in Cloud Space Sdn Bhd (Cloud Space) with an investment worth up to RM18mil.
Cloud Space is a Google Cloud premier partner, offering services for Google Cloud, Google Workspace, Chrome Enterprise and Google for Education, to the government and private sector in Malaysia.
Analysts were largely positive on Gamuda’s venture into the cloud and artificial intelligence (AI) space.
RHB Research in a report noted that while earnings accretion from the investment in Cloud Space is minimal, it envisaged that better yielding opportunities could arise from the condition that Gamuda has the right to first refusal to form equity partnerships with Cloud Space for any new large-scale cloud projects, with Gamuda having a minimum 50% stake.
The research house noted that more importantly, there was a potential RM36bil market for Gamuda to tap into via cloud and AI capabilities.
RHB Research said Gamuda’s move to enhance its AI capabilities could lead to the creation of a new business segment for digital infrastructure.
Meanwhile, CIMB Research said the group’s collaboration with Dnex will help expedite Gamuda’s reach in delivering generative AI solutions, specifically GDC services for government agencies that require a sovereign cloud platform.
