KUALA LUMPUR (Aug 4): Solarvest Holdings Bhd today announced its wholly-owned subsidiary Atlantic Blue Sdn Bhd (ABSB) has secured a RM66 million contract from Grooveland Sdn Bhd as the main engineering, procurement, construction and commissioning (EPCC) contractor for the development of large-scale solar photovoltaic plant (LSSPV) in Perak.
In a Bursa Malaysia filing today, the group highlighted Grooveland is principally an investment holding company and the project shall commence upon the execution of the EPCC agreement.
“While pending the execution of the EPCC agreement, both parties (ABSB and Grooveland) shall be finalising the design of the project which will be reflected in the EPCC agreement,” it said.
The group expects the project 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, 2022 and onwards until the completion of the project.
According to the group’s website, Solarvest provides EPCC, management, and operation and maintenance services for solar projects. It serves customers in Malaysia.
At noon break today, shares in Solarvest were four sen or 2.84% lower at RM1.37, valuing the company at RM868.52 million. Year to date, the stock has risen by 11.38%.