KUALA LUMPUR (March 26): Solarvest Holdings Bhd’s (KL:SLVEST) unit Atlantic Blue Sdn Bhd has secured an engineering, procurement, construction, and commissioning (EPCC) contract from SV Flux Sdn Bhd, an indirect unit of Penang Development Corp (PDC), worth RM103.08 million.

SV Flux is indirectly owned by PDC Premier Holdings Sdn Bhd, a company wholly owned by PDC.

SV Flux operates power generation facilities for the generation, transmission, and distribution of electric energy. It counts PDC deputy chief executive officers Datuk Mohammad Azhar Hamdan and Roslan Hassan as directors of the company.

In a bourse filing on Wednesday, Solarvest said the contract is for the construction of a solar photovoltaic (PV) energy generating facility with a capacity of 29.99 MWac, in Seberang Perai, Penang. 

Work will start once Atlantic Blue receives the official notice to proceed from SV Flux, with completion expected by July 31, 2027. 

Under the terms of the contract, Atlantic Blue will also provide a performance bond amounting to 5% of the total contract sum, which will be submitted to SV Flux within 45 days of the EPCC contract's execution.  

Atlantic Blue's core business involves providing EPCC services for solar PV systems and investing in solar PV plants.

At the time of writing on Wednesday, Solarvest shares were one sen or 0.6% lower at RM1.65, valuing the group at RM1.22 billion. The stock is down 2.37% this year.

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