Solarvest secures maiden projects in Philippines

KUALA LUMPUR: Solar photovoltaic (PV) system specialist Solarvest Holdings Bhd has secured two new contracts involving engineering, procurement, construction and commissioning works in the Philippines.

While the value of the projects it secured from Vivant Energy Corp is undisclosed, it said in a statement yesterday that they mark its first venture into the Philippines.

The first project is for developing solar PV systems at 10 designated buildings, with a cumulative capacity of 816.2-kilowatt peak (kWp), at the University San Agustin in Iloilo City, the Philippines. The second project is developing 377.52 kWp solar PV systems for Bulihan Industrial Park in Bulacan, the Philippines. To be completed within the year, both 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. We are thrilled to have received the opportunities and confidence from an established industry player such as Vivant Corp,” 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 capitalise on the expanding renewable energy investments in the country.

“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 midterm, we hope to grow our operations in overseas markets, including the Philippines, Taiwan and Vietnam.”

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

Solarvest shares closed 10 sen or 12.82% higher at 88 sen yesterday after 25.48 million shares were traded, with a market capitalisation of RM343.75 million. From RM1.37 on Feb 19,  the counter has fallen about 36%. Debuted on Bursa Malaysia on Nov 26 last year, Solarvest’s share price has nonetheless more than doubled from its initial public offering price of 39 sen.