KUALA LUMPUR (Feb 28): Wawasan Dengkil Holdings Bhd is looking to secure more solar farm infrastructure projects, riding on Malaysia's push for renewable energy under the National Energy Transition Roadmap (NETR) and the Large-Scale Solar (LSS) programme.

The construction services firm, set to be listed on the ACE Market on March 25, has submitted six bids worth RM572.2 million for solar farm infrastructure, out of its RM1.3 billion tender book, according to executive director Lim Soon Yik.

“We are advancing our expertise into solar farm projects. There are six tenders out of 44 that we have submitted, valued at about RM572 million,” Lim said during a press conference following the prospectus launch on Friday. “The government is encouraging renewable energy projects, so there are plenty of opportunities for solar farm infrastructure.”

One of the group's completed projects was the Bidor solar photovoltaic (PV) project with an LSSPV plant capacity of 50 MWac, commissioned by Fabulous Sunview Sdn Bhd. The project, with a contract value of RM9.4 million, was completed in September 2023.

To bolster its position, Lim said the group had made strategic board appointments, including Datuk Chow Pui Hee, the group managing director of Samaiden Group Bhd (KL:SAMAIDEN), and Thien Chiet Chai, the executive deputy chairman of Reservoir Link Energy Bhd (KL:RL). 

Lim said their industry expertise and connections will strengthen the company's capabilities in the renewable energy sector.

Currently, the company’s role in solar farms primarily involves earthworks and civil engineering, preparing sites for engineering, procurement, construction, and commissioning (EPCC) contractors.

“We provide the platform for EPCC [contractors] before they plant the structure. This is what we do,” Lim explained.

While acknowledging that revenue contributions from solar projects are still minimal, Lim expressed optimism about future growth, particularly as the LSS5 results have been announced.

“We forecast contributions to come in over the next few years. Right now, successful tenders have yet to open tender, so we can't foresee the [increase in revenue contributions] just yet,” he added.

Wawasan Dengkil's upcoming IPO will see the company raise up to RM40.51 million from the ACE Market. Applications for the IPO are open, and will close on March 11. 

Priced at 25 sen per share, the IPO will raise up to RM27.01 million from the public issue of new shares, and another RM13.5 million from an offer for sale of existing shares, which will accrue entirely to Lim and his family as selling shareholders.

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