Latest news with #SolarvestHoldingsBhd
New Straits Times
16-06-2025
- Business
- New Straits Times
Solarvest wins Brunei's largest solar project via JV with Serikandi
KUALA LUMPUR: Solarvest Holdings Bhd's subsidiary Atlantic Blue Sdn Bhd has secured Brunei's largest national solar project, with a generation capacity of 30 megawatts (MW). The project will be developed through a joint venture company, Seri Suria Power (B) Sdn Bhd, in partnership with Serikandi Oilfield Services Sdn Bhd and Khazanah Satu Sdn Bhd. Slated to begin construction in the third quarter of 2025, the appointment permits Seri Suria Power (B) Sdn Bhd to invest, build and operate a the solar photovoltaic power plant located on a 33.29-hectare remediated landfill in Kampong Belimbing, Kota Batu. Upon completion by the end of 2026, it is set to become the largest plant in Brunei, with an annual output of more than 64.47 million killowatt-hours (kWh), with a potential to offset about 645,000 one million British thermal units (MMBtu) of natural gas and 92 million tonnes of carbon dioxide. The project was formalised following the signing of three pivotal agreements, including joint venture agreement, as well as land lease agreement and 25-year power purchase agreement between Seri Suria Power and the Brunei's government. It originated from a request for proposal process (RFP) launched in 2021, which attracted wide interest from both local and international solar developers. As part of the RFP requirements, participating developers were mandated to form joint ventures with government-linked companies to ensure national participation and capacity building. This exercise creates confidence in Brunei's capability to achieve the national aspiration of 30 per cent renewable energy mix. The initiative aligns with Brunei's commitment to reduce greenhouse gas emissions by 20 per cent from business-as-usual levels by 2030 and supports the country's goal of diversifying fuel sources in the power sector while reducing reliance on fossil fuels. The solar plant will generate new opportunities for local businesses and contribute to local economic development through related activities. Serikandi Oilfield Services chairman and managing director Shaikh Khalid Shaikh Ahmad said the government's forward-thinking measures and supportive regulatory framework provide a strong foundation for the successful implementation of the national clean energy transition plan. "Alongside various initiatives introduced over the years, this project reaffirms our commitment to a progressive path toward a dynamic and sustainable economy, aligned with prevailing global economic trends. "Serikandi is well-positioned to seize emerging opportunities in Brunei's growing new and renewable energy sector, opening up job opportunities for its citizens," he said in a statement. Solarvest executive director and group chief strategy officer Leon Liew Chee Ing said the project reflects Brunei's strong commitment to a cleaner, more sustainable energy future, given the nation's abundance of fossil fuels. He added that the project, which leverages Solarvest's technical expertise and regional experience, presents a valuable opportunity to deliver Brunei's largest solar initiative.
The Star
10-06-2025
- Business
- The Star
Solarvest continues to make hay as the sun shines
The company's unbilled order book quintupled from RM242mil in the fourth quarter of FY24 to RM1.2bil in 4Q25. PETALING JAYA: Solar energy company Solarvest Holdings Bhd is poised to scale new heights as the group's stellar results for its financial year 2025 ended March 31, (FY25) sets the stage for a stronger FY26, underpinned by a five-fold jump to RM1.2bil in unbilled orders, analysts say. Hong Leong Investment Bank Research (HLIB Research) said: 'We expect another record year for Solarvest going into FY26, backed by strong order book growth and commissioning of assets towards the later part of FY26.' The company's unbilled order book quintupled from RM242mil in the fourth quarter of FY24 (4Q24) to RM1.2bil in 4Q25. 'We believe execution of Corporate Green Power Programme contracts should kick into higher gear in FY26,' the research house added HLIB Research also anticipated the commencement of projects under the fifth phase of the government's Large Scale Solar (LSS5) initiative could lift Solarvest's engineering, procurement, construction and commissioning revenue towards 2H26. Solarvest's management is guiding for further contract wins from LSS5 in the near term, the research house noted. According to HLIB Research, Solarvest has consistently maintained a minimum 30% market share in past phases of the LSS initiative. Separately, LSS6 bidding is set to commence in the second and third quarters of this year, and the research house thinks the available quotas will be sizeable, ranging between two gigawatt and four gigawatt. 'As such we reckon that Solarvest management's guidance of surpassing RM2bil in unbilled orders in FY26 is conservative, looking at the existing pipeline and its stellar track record,' said HLIB Research. The research house maintained a 'buy' call on the stock with a target price of RM2.25 per share.
New Straits Times
22-05-2025
- Business
- New Straits Times
Analyst ups Solarvest earnings forecast, raises target price to RM2.28
KUALA LUMPUR: Maybank Investment Bank (Maybank IB) has raised its earnings forecasts for Solarvest Holdings Bhd, citing higher assumed annual orderbook replenishment of RM1 billion and stronger contributions from the company's associates. The firm raised its estimations for financial year 2026 (FY26) and FY27 by 23 per cent and 22 per cent, respectively. It also introduced projections for FY28, noting improved earnings visibility supported by Solarvest's strong project execution capabilities and growing share of recurring income. In tandem with the upward revision, the firm raised its target price for Solarvest to RM2.28 per share, up from RM2.14 previously, while reiterating its 'Buy' recommendation. The upgrade follows Solarvest's strong financial performance for FY25, where core net profit came in above expectations — achieving 108 per cent of both Maybank IB's and consensus forecasts. Solarvest Holdings Bhd reported a net profit of RM20.53 million for the fourth quarter ended March 31, 2025, nearly tripling from RM7.73 million a year earlier. Revenue for the quarter surged 132 per cent year-on-year to RM224.87 million, driven by increased roll-outs of utility-scale solar projects under the Corporate Green Power Programme. For the full FY25, the group posted a net profit of RM51.94 million, up 59 per cent from the previous year, while revenue rose eight per cent to RM536.82 million. "The earnings beat was mainly driven by stronger-than-expected engineering, procurement, construction and commissioning margins, despite some revenue shortfall in the EPCC segment, which is now to be recognised in FY26," the firm added. Maybank IB said Solarvest's outstanding orderbook stood at RM1.24 billion as of end-March 2025, which is expected to be progressively recognised over the FY26 to FY28 period. "Under its Powervest programme, it has secured 129 megawatt-peak in corporate power purchase agreements, which are expected to contribute around RM50.8 million in annual recurring revenue after completion, expected in the next 12 to 18 months," it said. Solarvest is actively pursuing opportunities under the upcoming large scale programmes LSS5+ and LSS6 tenders, as well as initiatives such as Net Energy Metering 3.0, New Enhanced Dispatch Arrangement, Battery Energy Storage Systems and Self-consumption.
The Star
21-05-2025
- Business
- The Star
Solarvest order book to surpass RM2bil in FY26
Solarvest executive director and group chief executive officer Davis Chong Chun Shiong. PETALING JAYA: Solarvest Holdings Bhd executive director and group CEO Davis Chong Chun Shiong is confident the clean energy expert's order book will cross the RM2bil mark in financial year 2026 (FY26). As he reviewed the final quarter of the group's 2025 financial year, Chong said the feat will be supported by additional fifth large scale solar (LSS5) contracts, anticipated LSS5+ award, as well as active participation in solar battery energy storage systems and upcoming LSS6 tenders in the second quarter of financial year 2025 (2Q25) and 3Q25 of this calendar year. 'In light of the potential rise in Malaysia's electricity tariffs in July, we also foresee improved project feasibility under the Corporate Renewable Energy Supply Scheme. 'This creates compelling opportunities for Solarvest to scale beyond our RM2bil order book target,' he said in a statement. 'The key drivers of our revenue growth include ongoing engineering, procurement, construction, and commissioning projects under the Corporate Green Power Programme and LSS5 programmes. 'Beyond utility scale projects, the commercial and industrial segment is also expected to remain strong, with approximately RM200mil in annual replenishments.' As at March 31, 2025, the group's unbilled order book stood at RM1.24bil. In the fourth quarter of the financial year ended March 31, 2025 (4Q25), Solavest posted a net profit of RM20.53bil, a 165% increase over the net profit of RM7.73mil in the year-ago quarter. The group's revenue rose to RM224.87mil from RM96.9mil in the previous comparative quarter. Earnings per share climbed to 2.82 sen from 1.15 sen previously. Over the 12-month period, Solarvest's net profit rose to RM51.94mil from RM32.63mil in FY24, while revenue increased to RM536.82mil from RM497.03mil in the previous year. In a filing with Bursa Malaysia on its latest results, Solarvest said the outlook for Malaysia's renewable energy (RE) industry remains positive, driven by the government's commitment to increasing RE capacity to 70% of the national energy mix and achieving net-zero emissions by 2050. 'The power sector is projected to raise its RE capacity to 31% by 2025 and 40% by 2035, with solar energy expected to become the dominant RE source.' The company noted that Malaysia's renewable energy landscape continues to gain momentum with a series of new initiatives aimed at expanding solar power and energy storage capacity. 'Following the completion of the LSS5 and LSS5+ bidding rounds, the government has issued the Request for Proposal in May 2025 for the MyBeST programme slated to achieve commercial operation in 2027. 'The programme targets the deployment of 400MWh/1,600MWh of storage capacity across Peninsular Malaysia and opens participation to third-party developers.' Solarvest said this is expected to enhance grid stability and flexibility, supporting Malaysia's transition towards a higher share of renewable energy. 'All these initiatives underline the government's commitment to RE and are expected to benefit local RE developers and engineering, procurement, construction and commissioning players. 'Barring any unforeseen circumstances, the board is of the view that the group's overall performance would remain satisfactory for the coming financial year.'
New Straits Times
21-05-2025
- Business
- New Straits Times
Solarvest Q4 net profit nearly triples to RM21mil, eyes RM2bil orderbook by FY26
KUALA LUMPUR: Solarvest Holdings Bhd reported a net profit of RM20.53 million for the fourth quarter ended March 31, 2025 (4QFY25), nearly tripling from RM7.73 million a year earlier, it said in a bourse filing. Revenue for the quarter surged 132 per cent year-on-year to RM224.87 million, driven by increased roll-outs of utility-scale solar projects under the Corporate Green Power Programme (CGPP). For the full financial year (FY2025), the group posted a net profit of RM51.94 million, up 59 per cent from the previous year, while revenue rose eight per cent to RM536.82 million. Solarvest maintained a solid project pipeline, with an unbilled order book of RM1.24 billion as of March 31, 2025, to be recognised progressively over FY2026 and FY2027. "We are confident to reach more than RM2 billion orderbook in FY26," said executive director and chief executive officer Davis Chong Chun Shiong. "This will be supported by additional LSS5 contracts, the anticipated LSS5+ award, as well as our active participation in battery energy storage systems and the upcoming LSS6 tenders in the second and third quarters of this calendar year. "In light of the potential rise in Malaysia's electricity tariffs in July, we also foresee improved project feasibility under the Corporate Renewable Energy Supply Scheme to create compelling opportunities to scale beyond our orderbook target," he added. Solarvest has capitalised on various national energy initiatives, including the Net Energy Metering 3.0 (NEM 3.0), battery energy storage system (BESS) and solar energy self-consumption (SelCo) programmes. Its Powervest programme has secured 129 megawatt peak (MWp) in corporate power purchase agreements, expected to yield RM50.8 million in annual recurring revenue. Looking ahead, the group is optimistic about its growth prospects, aligning with the government's target of achieving 70 per cent renewable energy in the energy mix by 2050. Meanwhile, Solarvest assured that it is not affected by recent United States tariff developments, as its solar panels are directly sourced from China. "Cost-wise, we expect solar panel prices to remain stable due to the prevailing supply-demand imbalance and market oversupply," Chong said.
