Solarvest secures maiden projects in Philippines

Solar photovoltaic (PV) system specialist Solarvest Holdings Bhd has secured two new contracts, involving engineering, procurement, construction and commissioning works, in the Philippines from Vivant Energy Corporation.

This marks its first venture into the Philippines.

In a statement today, Solarvest said the first project is for the development of solar PV systems at 10 designated buildings, with a cumulative capacity of 816.2-kilowatt peak (kWp), located at the University San Agustin, Iloilo City, Philippines, while the second solar project is the development of 377.52 kWp solar PV systems for Bulihan Industrial Park located at Bulacan, Philippines.

To be completed within the year, both the new solar rooftop projects are expected to contribute positively to Solarvest’s financial performance for the financial year ending March 31, 2021 (FY21).

“This marks our first expansion beyond Malaysia, and we are thrilled to have received the opportunities and confidence from an established industry player such as Vivant Corporation,” said its group chief executive officer Davis Chong Chun Shiong.

“We aim to make further inroads into the Philippines and are actively in talks with local partners to bid for more projects there. The Philippines is a key focus market for us as we aim to capitalize on the expanding renewable energy investments in the country,” said Chong.

Citing the Institute for Energy Economic and Financial Analysis report in 2018, he added that the potential of the solar industry in the Philippines is robust and the market size is expected to reach about PhP1.5 trillion by 2030.

“Currently, our operations are mainly in Peninsular Malaysia. Our move to the Philippines is in line with our strategic intents to diversify our geographical footprint.

“Over the mid term, we hope to grow our operations in the overseas markets, which include countries such as the Philippines, Taiwan and Vietnam,” he said.

Vivant Energy Corporation’s principal business activities include energy distribution and generation, retail electricity supply, as well as energy related engineering solutions across Luzon, Visayas and Mindanao in the Philippines.

Shares of Solarvest were up three sen or 3.85% at 81 sen at 12.30pm, valuing the company at RM316.41 million. Some 5.93 million shares were traded.

From its peak at RM1.37 on Feb 19, 2020, the counter has fallen 41%. Nonetheless, the counter, which made its debut on Nov 26 last year, grew some 108% from its initial public offering price of 39 sen.

Source: The Edge Markets