PETALING JAYA: Solarvest Holdings Bhd
is acquiring three parcels of land totaling 120.746 acres in Kuala Muda, Kedah from Aziho Trading Sdn Bhd RM19.99mil.
In a filing with Bursa Malaysia, Solarvest said the proposed acquisition is in line with the company’s five-year strategic roadmap (2022-2026) to maintain its market leader position in the solar engineering, procurement, construction and commissioning (EPCC) segment and expand its renewable energy asset development business, through securing strategic lands for renewable energy asset development projects.
“The parcels of land identified are suitable for use for the development of a ground mounted large scale solar photovoltaic system and a loop-in loop-out (LILO) station for the transmission of renewable energy generated by the solar photovoltaic system into Tenaga Nasional Bhd’s transmission network.
“In undertaking the proposed acquisition, the board has taken into consideration the strategic location of the parcels of land, whereby they are strategically located directly below high voltage transmission line, suitable for the development of a LILO station with sufficient acreage for the development of a large scale solar farm.”
Solarvest added that the proposed acquisition will augur well for the company through the potential revenue and profit that the group may derive from the development of the lands.
“The proposed acquisition will provide the company opportunity for solar EPCC and solar energy asset development projects.”The parcels of land are expected to provide the company with an opportunity to secure EPCC contracts and provide recurring income from sale of electricity, and provide future land lease income to the company.
Solarvest said the proposed acquisition is not expected to have any material effect on the earnings and earnings per share of the company for the financial year ending March 31, 2025.
