Solarvest upbeat on outlook, to ramp up expansion efforts

KUALA LUMPUR, Sept 28 — Solar photovoltaic (PV) system specialist, Solarvest Holdings Bhd is positive about its business outlook as it ramps up expansion efforts in the domestic and overseas markets.

Group chief executive officer Davis Chong Chun Shiong said the company is taking a strategic approach to ensure resilience and sustainability in the financial year (FY) 2021.

“Despite the uncertainties arising from the global COVID-19 pandemic, we continue to see strong demand for solar PV systems across all segments.

“Our engineering, procurement, construction and commissioning (EPCC) project tenders are increasing as more corporates are turning to solar energy for its economic benefits while fulfilling sustainability goals,” he said in a statement today.

Rooftop projects made up 90 per cent of its current order book, he added.

“The surge in rooftop projects bodes well for us as it provides consistency in our financial performance, complementing the lumpy contribution from large-scale solar (LSS) programmes.

“This is reflected in our FY2020 performance, whereby revenue from residential, commercial and industrial segments grew 152 per cent year-on-year,” said Chong.

On the back of the favourable backdrop, Solarvest is building inventories and financial capacity to strengthen its footing and prepare for the pipeline of projects in Malaysia, especially the upcoming Ministry of Energy and Natural Resources’ LSS@Mentari programme.

“The fourth phase of the LSS programme is much more appealing as the quota offered, 1,000 megawatts, is the largest by far, and participation is limited to local industry players only.

“We will be taking part in the programme as joint asset owner in addition to our bid for EPCC projects. We will rely on our strong track record in LSS1 and LSS2,” he said.

Chong added the company is growing its international presence in the Philippines, being its first target market, and Taiwan.

“The overseas expansion plan is crucial in diversifying our portfolio. We are working with local energy players to fast-track market penetration in the two countries, and we have deployed our team to kick-start project bidding activities.

“We are confident that we will be able to grow the overseas portfolio backed by our diversified track record from residential to large-scale solar segments,” he said. — Bernama

Source: Malay Mail