SLVEST (0215): SOLARVEST HOLDINGS BERHAD secures RM87.5 mil EPCC contract from Energy ES

SLVEST (0215): SOLARVEST HOLDINGS BERHAD secures RM87.5 mil EPCC contract from Energy ES

KUALA LUMPUR (Dec 23): Solarvest Holdings Bhd’s wholly-owned subsidiary, Atlantic Blue Sdn Bhd (ABSB), has secured an engineering, procurement, construction and commissioning (EPCC) contract from Energy ES Sdn Bhd.

In a filing with Bursa Malaysia on Thursday, Solarvest said the contract entails the appointment of ABSB as the EPCC contractor to develop a solar photovoltaic energy generating facility with a capacity of 20.76-megawatt (MW) on sites located in Kulim, Kedah for connection to Tenaga Nasional Bhd’s medium voltage distribution network.

“The contract price of the project is a fixed lump sum of RM87.5 million and is made payable to ABSB in accordance with the payment schedule based on the completed milestone of the project as indicated in the EPCC contract.

“The scheduled commercial operation date (SCOD) of the project is Dec 31, 2022, and it shall be confirmed by ABSB via the issuance of a notice of commercial operation,” said Solarvest.

The project is deemed completed when the project achieves the stage of commercial operation in accordance with the EPCC contract, whereby all the performance tests in respect of the system have been satisfactorily performed and passed and the system is operating legally, safely, reliably and efficiently.

The EPCC contract is expected to contribute positively to the net assets and earnings per share of Solarvest and its group of companies for the financial year ending March 31, 2022 and onwards until the completion of the project.

http://www.theedgemarkets.com/article/solarvest-secures-rm875-mil-epcc-contract-energy-es