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This week, i Capital updates on Solarvest Holdings (SLV), Malaysia’s first and largest solar company listed on Bursa Malaysia in Nov 2019, bearing a market capitalisation that now exceeds RM1 bln. SLV has grown into a leading clean energy expert in the Asia-Pacific region, its operations spanning seven countries: Malaysia (HQ), Singapore, Vietnam, Taiwan, Indonesia, Thailand, and the Philippines. The business generates its revenue through four main operating segments: engineering, procurement, construction, and commissioning (EPCC) of solar energy solutions; operations and maintenance (O&M) of solar energy systems; sales of electricity generated from solar energy; and sales of renewable energy certificates (RECs). For more details on SLV’s business model, refer to the write-up published in i Capital on 17 Jul 2020.

EPCC Services 

In 2024, SLV secured three CGPP EPCC contracts, as detailed in table 1 below. The Company anticipates these contracts completing by the end of 2025 and expects a revenue recognition of RM296 mln in FY25. Additionally, SLV’s wholly owned subsidiary Atlantic Blue S/B accepted a letter of award on 17 Mar 2024 from TNB Kuala Muda Solar S/B for the EPCC works of a 500MWac Large-Scale Solar Photovoltaic Plant under LSS5 located in Bukit Selambau, Kedah. The contract value is RM401 mln (excluding the procurement of key equipment such as solar PV panels, inverters, combiner boxes, and mounting structure) and the project is expected to complete by 31 Jul 2027. It marks SLV’s largest project to date. 

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Asset Ownership and Development 

Beyond the EPCC division, SLV is actively growing its portfolio of solar assets to achieve a 30% recurring income via Large-Scale Solar (LSS) ownerships, Corpor