KUALA LUMPUR: Solarvest Holdings Bhd's wholly-owned subsidiary Atlantic Blue Sdn Bhd has bagged a conditional letter of award involving design, engineering, procurement, construction and commissioning (EPCC contract) from SM01 Sdn Bhd worth RM142 million.

In a filing with Bursa Malaysia, the company said the project entails the construction of a solar photovoltaic energy generating facility with a capacity of 29.99 megawatts of alternating current located in Kedah.

Solarvest will subscribe to a 33 per cent stake in SM01, which has been established as a special purpose vehicle solely to carry out the project under the Corporate Green Power Programme. The other shareholders are Shizen Malaysia Sdn Bhd (49 per cent) and HSS Engineering Sdn Bhd (18 per cent).

Solarvest said the award of the project is conditional on the fulfilment of specific conditions precedent, including the approval of the Energy Commission and/or single buyer (as defined under the Electricity Supply Act 1990) and the successful registration of SM01 as a participant in the New Enhanced Dispatch Arrangement (NEDA) for the purpose of the project on or after Jan 30, 2025.

"The EPCC contract for the project is expected to contribute positively to the net assets and earnings per share of Solarvest and its group of companies for the financial year ending March 31, 2025 and onwards until the completion of the project," it added.

– BERNAMA