KUALA LUMPUR (Dec 15): Binastra Corp Bhd (KL:BNASTRA) and Solarvest Holdings Bhd (KL:SLVEST) announced their joint involvement in three large-scale solar (LSS5) projects with a combined contract value of RM171.7 million, following the acceptance of three letters of award from Maya Jaya Sdn Bhd.
According to a bourse filing with Bursa Malaysia, the contracts were awarded to Binastra Atlantic Sdn Bhd who will be responsible for the engineering, procurement, construction and commissioning (EPCC) works for the solar plants.
Binastra has an effective 51% stake in Binastra Atlantic while Solarvest holds the remaining 49% via Atlantic Blue Sdn Bhd.
The contracts are classified as recurrent related party transactions for Binastra as Maya Jaya is partly owned by two companies controlled by its managing director and major shareholder Datuk Tan Kak Seng. The two are Maya Arena Sdn Bhd (44% in Maya Jaya) and Binastra Construction Sdn Bhd (5%). The balance of 51% in Maya Jaya is owned by Waz Jaya Builders Sdn Bhd (51%).
The three projects, with a total capacity of 56.5 MW alternating current, are located across two sites: two in Kuala Langat, Selangor, and one in Kuala Muda, Kedah. The facilities are scheduled to be commercially operational on June 26, 2027.
The awards represent Binastra's second solar project win to date and accelerate our progress toward expanding our portfolio with a stronger pipeline of green projects, said Binastra managing director Tan in a joint statement with Solarvest.
Solarvest said its order book has now reached RM1.7 billion and the projects represent another key milestone for Solarvest. “This partnership underscores our commitment to advancing sustainable energy solutions while delivering tangible value to our stakeholders,” said Solarvest executive director and group CEO Datuk Davis Chong Chun Shiong.
Shares of Binastra Corp closed down three sen or 1.44% to RM2.05 on Monday (Dec 15), valuing the group at RM2.24 billion. Meanwhile, shares of Solarvest closed down three sen or 0.98% to RM3.02 at the end of the trading day, with a market capitalisation of RM2.84 billion.