KUALA LUMPUR (Sept 18): Pekat Group Bhd (KL:PEKAT) said it has secured a contract worth RM115 million to develop a 29.99MW (megawatt) solar farm in Kinta, Perak.

The contract was awarded by MF Solar Tronoh Sdn Bhd, an indirect wholly owned unit of Mega First Corp Bhd (KL:MFCB) to Pekat Solar Sdn Bhd, the company said in a filing.

Pekat Solar, a wholly owned unit of Pekat Group, will undertake engineering, procurement, construction and commissioning (EPCC) works for the project, which was secured by MF Solar Tronoh under the Corporate Green Power Programme (CGPP).

The project is expected to start in 4Q2024, with commercial operation date (COD) set at Dec 31, 2025.

This is the second large-scale-solar EPCC project award secured by Pekat this year.

Recent solar-related projects won by Pekat include a power-purchase agreement in Maldives, estimated at US$6.9 million, to provide electricity for 10 years from a 1.73MWp (megawatt peak) solar system, with 1.4MWh (megawatt hour) battery storage.

Other projects won by Pekat include the RM21.79 million earthing and lightning protection works for Gamuda Bhd’s data centre project.

Shares of Pekat rose half a sen or 0.53% to 94 sen at noon market break on Wednesday, valuing the group at RM606.27 million and 39 times trailing 12-months price-to-earnings ratio. The counter is up 118% this year.