Solarvest to jointly develop solar-ready facilities with NCT Land at Selangor Smart Industrial Park

Solarvest to jointly develop solar-ready facilities with NCT Land at Selangor Smart Industrial Park

20 Jul 2022

Solarvest Holdings Bhd has inked a memorandum of understanding (MOU) with property developer NCT Land Sdn Bhd to jointly develop 1,000 units of solar-ready factories and warehouses at Selangor Smart Industrial Park to reduce industrial and commercial carbon footprints.

The MOU — for a period of two years — includes the provision of decarbonisation service to NCT Land’s local facilities, Solarvest said in a bourse filing on Wednesday (July 20).

“The joint development plan between both parties will produce options in potential areas for further collaboration, including but not limited to renewable energy such as solar and bioenergy, hydrogen, energy efficiency, and electric mobility,” said the group.

In addition, the MOU is not expected to have any material effect on Solarvest’s net assets and earnings for the financial year ending March 31, 2023.

Solarvest’s largest shareholders are Atlantic Blue Sdn Bhd, with a 22.87% stake, and Chin Hin Group Bhd (19.34%), Bloomberg data showed.

At Wednesday’s noon break, Solarvest’s share price settled unchanged at 68 sen, with a market value of RM450.5 million.

Source: The Edge Markets