KUALA LUMPUR (Nov 21): Solarvest Holdings Bhd (KL:SLVEST)’s wholly owned subsidiary Atlantic Blue Sdn Bhd has been awarded a RM142 million engineering, procurement, construction and commissioning (EPCC) contract from SM01 Sdn Bhd, a special purpose vehicle (SPV) in which the group owns a 33% stake.

In a filing with Bursa Malaysia on Friday, Solarvest said the contract is for the construction of a solar photovoltaic energy generating facility in Gurun, Kedah, with a capacity of 29.99 megawatts of alternating current (MWac).

SM01 is an SPV established to carry out the project under the Corporate Green Power Programme. Besides Solarvest, the other shareholders are Shizen Malaysia Sdn Bhd with a 49% stake and HSS Engineering Sdn Bhd with 18%.

The contract is conditional upon the project getting the approval from the Energy Commission and/or single buyer, and the successful registration of SM01 as a participant in the New Enhanced Dispatch Arrangement (Neda) for the purpose of the project on or after Jan 30, 2025.

SM01 and its offtaker(s) must also execute a corporate green power agreement. The lease over the land(s) earmarked for the project must be duly registered with the relevant land registry on or before June 15, 2025.

The contract is also conditional upon the project receiving all the approvals and permits from the relevant authorities as is necessary for the construction and development of the project.

Solarvest expects the EPCC contract to contribute positively to its net assets and earnings per share for the financial year ending March 31, 2025 and onwards until the completion of the project.

Solarvest’s share price closed down two sen or 1.26% to RM1.57 on Friday, bringing the group a market capitalisation of RM1.13 billion. Year-to-date, the stock has gained 21%.