KUALA LUMPUR (Sept 3): Solarvest Holdings Bhd (KL:SLVEST) has secured a RM113.29 million contract from P Solar Sdn Bhd to construct a 30MW solar plant in Pekan, Pahang.

Solarvest's unit Atlantic Blue Sdn Bhd is expected to complete the project within eighteen months from the date of acceptance of the letter of award (LoA) on Tuesday (Sept 3).

The project was awarded to P Solar, a 70%-owned unit of Malaysian Renewable Energy Group Sdn Bhd, under the Corporate Green Power Programme (CGPP) awards by the Energy Commission.

“Both companies are exploring collaboration under the latest Corporate Renewable Energy Supply Scheme (CRESS) to generate more clean energy, helping corporate customers achieve Malaysia's national renewable energy target of 40% capacity by 2050,” said group Solarvest CEO Davis Chong in a statement.

"Solarvest, as an experienced solar project developer, has successfully assisted clean energy investors and partners to bid around 443.4MWp of CGPP, and the group is currently actively pitching the EPCC opportunities with a potential revenue of over RM714 million,” said Davis.

The Pekan solar farm, spread over 88 acres of repurposed land near the coast, is designed with monsoon-resistant features and incorporates top-tier panels and inverters, Solarvest said.

The solar farm project is anticipated to contribute nearly 60,000 Renewable Energy Certificates (RECs) to the market, the statement added.

Upon completion, the solar farm is expected to generate approximately 57,500MWh of clean energy annually, which is equivalent to offsetting around 36,800 tonnes of CO₂ emissions.

Shares of Solarvest traded up one sen or 0.64% to RM1.58 at the time of writing, giving it a market capitalisation of RM1.12 billion.