KUALA LUMPUR (April 23): Solarvest Holdings Bhd (KL:SLVEST) has secured a RM1.06 billion engineering, procurement, construction and commissioning (EPCC) contract for a large-scale solar (LSS5) farm with a capacity of 470MW in Larut and Matang, Perak.

In a bourse filing, the group said the contract was awarded to its wholly-owned subsidiary, Atlantic Blue Sdn Bhd (ABSB), by Malakoff Silver Solar Sdn Bhd (MSSSB).

MSSSB is jointly owned by Solarvest and Malakoff Corp Bhd (KL:MALAKOF), with shareholdings of 20% and 80% respectively.

The project is scheduled for completion by Feb 29, 2028. Under the terms, ABSB will provide a performance bond equivalent to 10% of the contract sum, effective from the issuance of the notice to proceed until 30 days after the facility provisional acceptance certificate.

A warranty bond of 10% of the contract sum will also be provided, valid until the issuance of the final acceptance certificate. The facility will carry a defect liability period of 24 months from the provisional acceptance date.

Solarvest said the EPCC contract is expected to contribute positively to the group’s net assets and earnings per share for the financial year ending March 31, 2027 (FY2027) and onwards until project completion.

Shares in Solarvest closed five sen or 1.8% higher at RM2.77 on Thursday, valuing the group at RM2.65 billion. The stock has gained 71% over the past year.

Meanwhile, Malakoff shares slipped 0.5 sen or 0.6% to 87 sen, giving the group a market capitalisation of RM4.35 billion. Over the past year, Malakoff has risen 10.8%.