This article first appeared in The Edge Malaysia Weekly on October 5, 2026 - October 11, 2026

Solarvest Holdings Bhd (KL:SLVEST) made an emphatic debut at The Edge Billion Ringgit Club (BRC) Awards, sweeping all three trophies in the energy sector, as its rapid growth rides on Malaysia’s ambitious renewable energy (RE) goals.

The group won the award for Highest growth in profit after tax over three years among its peers in the energy sector, underpinned by a compound annual growth rate (CAGR) of 48% in net profit during the BRC evaluation period, from financial year ended March 31, 2022 (FY2022) to FY2025.

Solarvest’s net profit jumped more than sevenfold, from RM6.9 million in FY2022 to RM51.9 million in FY2025. Revenue more than tripled over the same period, rising from RM177.8 million to RM536.8 million, driven primarily by the execution of utility-scale solar projects.

The momentum continued into FY2026, with net profit and revenue reaching fresh highs of RM79.8 million and RM757.1 million respectively.

Solarvest’s robust financial performance earned it the award for highest return on equity (ROE) over three years. The group achieved a three-year weighted average ROE of 15.6%, based on ROE of 10.7% in FY2023, 15.4% in FY2024 and 17.7% in FY2025.

Meanwhile, its adjusted share price performance also outpaced its energy-sector peers, surging more than 2.5 times over three years — from 83 sen on March 31, 2023 to RM2.22 on March 31, 2026. Its strong average annual shareholder returns of 38.6% secured the award for highest returns to shareholders over three years. Its share price gained further to RM3.10 on Aug 28, 2026.

Founded in 2012, Solarvest was listed on the ACE Market in November 2019, before transferring to the Main Market in October 2021.

With more than 14 years of experience in RE, it operates across eight markets, namely Malaysia, Singapore, Vietnam, Taiwan, Indonesia, Thailand, Brunei and the Philippines.

So far, the group has developed more than 3,700mw of completed and ongoing solar projects, with utility-scale solar remaining a key focus of its business.

Solarvest is now positioning itself for another leg of growth as Malaysia expands its RE capacity. In announcing its latest quarterly results, the group said the government’s implementation of the sixth phase of the large-scale solar programme (LSS6), announced in July 2026, is expected to attract RM13 billion to RM15 billion in private investment.

LSS6 will be the first LSS programme to incorporate utility-scale battery energy storage systems (BESS), potentially raising the capital requirements for project development and raising the barrier to entry for less-capitalised players.

“LSS6 is expected to launch in 2H2026, with the expected requirement of BESS. We’ve positioned Solarvest ahead, and [are] more than ready to welcome the policy,” said group CEO Datuk Davis Chong Chun Shiong.

He expects a stronger project pipeline as the National Energy Transition Roadmap gathers momentum towards Malaysia’s target of a 70% RE mix by 2050.

Already, Solarvest is well positioned to tap this pipeline, with its engineering, procurement, construction and commissioning (EPCC) unbilled order book standing at RM2.4 billion as at June 30, 2026.

Utility-scale projects accounted for 92% of the order book. This comprised LSS5 and Sabah and Sarawak LSS projects (46%), LSS5+ (38%) and the Corporate Green Power Programme (8%), with the balance coming from commercial and industrial and residential projects.

Chong said the group aims to convert close to half of its existing order book into revenue in FY2027, while growing its order book to RM5 billion over the next year, supported by Malaysia’s booming solar-plus-BESS ecosystem.

Beyond its EPCC business, Solarvest has also been building a portfolio of recurring-income assets, with more than 500mwp of solar generation capacity under ownership.

Under its Powervest programme, the group has secured a cumulative 135mwp, which is expected to contribute RM54.4 million in annual recurring revenue once fully completed over the next 12 to 18 months.

This marks an important shift in Solarvest’s business model as it seeks to become a broader RE platform, complementing project-based EPCC earnings with a growing base of recurring income.

The group has also taken steps to secure the capital and partnerships needed to support its expansion. In September 2025, it entered into a joint investment framework agreement with Brookfield Corp — one of the world’s largest alternative investment managers — to jointly develop, construct and operate at least 1.5 of utility-scale solar and battery energy storage projects in Malaysia.

Despite its growing earnings and cash-generating asset base, Solarvest has not paid a dividend since FY2022, reflecting its preference to retain capital to fund expansion.

It has relied on a combination of borrowings and equity fundraising, including private placements, to fund its expansion. As at end-June 2026, the group had RM410.82 million in cash and cash equivalents against total borrowings of RM418.49 million, leaving it with a modest net debt position of RM7.37 million.

What’s noteworthy is that the group has been building strategic stakes across the broader energy and infrastructure ecosystem, including a 23.85% stake in mechanical and electrical engineering player Kee Ming Group Bhd (KL:KEEMING), a 22% stake in energy-saving engineering solutions provider Solar District Cooling Group Bhd (KL:SDCG), and a 16.36% stake in Sarawak-based construction player Hartanah Kenyalang Bhd (KL:HKB).

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