Malaysian solar company, Solarvest Holdings Bhd has won a MYR 104 million (USD 24.2 million/EUR 22.1 million) contract to build a 43 MWp solar park in the state of Negeri Sembilan, western Malaysia.
Solar Park to Produce Around 53,000 MWh Electricity Annually
The Suria Hijauan consortium led by LBS Bina Group Bhd awarded the contract at the International Greentech and Eco Products Exhibition for Engineering, Procurement, Construction and Commissioning (EPCC) services to develop a solar park in Senawang, Negeri Sembilan. The solar park is expected to be completed by the end of 2025 and will generate approximately 53,000 MWh of clean energy annually, offsetting around 35,000 tonnes of carbon dioxide emissions.
In addition, the project is projected to produce 53,000 Renewable Energy Certificates (RECs), supporting corporate consumers in meeting their sustainability goals. The project slated to connect to the grid by the end of 2025 signifies LBS Bina's foray into renewable energy, allowing it to diversify its revenue through a partnership with MWG Solar Energy and Ocean Solar Energy.
“As a company deeply committed to ESG, we have consistently demonstrated our dedication to sustainability. Today marks a significant milestone as we celebrate the awarding of the EPCC contract to Solarvest, a reputable company known for its high-quality project delivery on time and within budget. Their expertise instils confidence in our construction efforts, enhancing our solar project’s credibility and fostering a collaborative environment for innovative solutions. We are optimistic that this partnership will help us achieve our project goals and advance our sustainability objectives.” said Tan Sri Dato’ Sri Ir. (Dr.) Lim Hock San, Group Executive Chairman of LBS Bina.
LBS Bina Ventures into Renewable Energy with CGPP
This project represents LBS Bina’s entrance into the renewable energy sector via the Corporate Green Power Programme (CGPP). This strategic move aligns with the company’s commitment to sustainability and supports its primary focus on property development. Additionally, this initiative is anticipated to generate new, recurring revenue streams and improve the company’s long-term earnings outlook.
“As a clean energy player, we are encouraged by the growing ESG awareness among corporations and their ambitious sustainability goals. The CGPP offers a valuable platform for independent power producers like LBS Bina and us to contribute to the development of renewable energy infrastructure. Solarvest is honoured to provide EPCC services for its solar farm development. This project highlights our ability to deliver complex solar projects, even in challenging terrains like the hilly landscape of the site. With our innovative approach and detailed project planning, we are confident that the groundwork is in place for a successful construction phase.” said Mr. Davis Chong Chun Shiong, Executive Director and Group Chief Executive Officer of Solarvest.
LBS Bina Strengthens Sustainability with Renewable Energy Expansion
LBS Bina’s strategic move into the renewable energy sector highlights its commitment to sustainability and a progressive approach to business growth. This initiative aligns with the company’s environmental objectives while complementing its core property development business by integrating renewable energy solutions into future projects.
By undertaking renewable energy ventures under the CGPP, LBS Bina aims to generate new, recurring revenue streams once the solar farm is operational, strengthening its long-term earnings outlook.
As of September 2024, Solarvest's EPCC order book totals RM582 million. The Group is also actively seeking additional EPCC projects under the Corporate Green Power Programme (CGPP), with a targeted capacity of around 380 MWp and an estimated project value of RM800 million.