KUALA LUMPUR: A consortium led by property developer LBS Bina Group Berhad (“LBS Bina”) has awarded a RM104 million Engineering, Procurement, Construction, and Commissioning (EPCC) contract to regional clean energy expert, Solarvest Holdings Berhad (“Solarvest” or the “Group”) for the construction of a 43-MWp solar farm project.
The signing ceremony was witnessed by Deputy Prime Minister, YAB Dato’ Sri Haji Fadillah Bin Haji Yusof, who also serves as the Energy Transition and Water Transformation Minister, during the International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM). This project marks LBS Bina’s strategic entry into the renewable energy sector under the Corporate Green Power Programme (CGPP).
The solar farm, located in Senawang, Negeri Sembilan, is expected to be completed by the end of 2025. Upon commissioning, it is projected to generate approximately 53,000 MWh of clean energy annually, offsetting around 35,000 tonnes of carbon dioxide emissions. The solar farm will also contribute about 53,000 Renewable Energy Certificates (RECs) to the market, supporting corporate consumers in achieving their sustainability goals.
LBS Bina’s strategic venture into the renewable energy sector underscores its commitment to sustainability and a forward-thinking approach to business development. This initiative not only aligns with LBS Bina’s environmental objectives but also enhances its core property development business by integrating renewable energy solutions. Through projects like these under the CGPP, LBS Bina aims to create new, recurring revenue streams and improve its long-term earnings visibility.
The solar farm is owned by Suria Hijauan Sdn Bhd, a consortium comprising Setara Armada Sdn Bhd, MWG Solar Energy Sdn Bhd, and Ocean Solar Energy Sdn Bhd. Setara Armada is a wholly-owned subsidiary of LBS.
Group Executive Chairman of LBS Bina, Tan Sri Dato’ Sri Ir. (Dr.) Lim Hock San, said, “As a company deeply committed to ESG, we have consistently demonstrated our dedication to sustainability. Today marks a significant milestone as we celebrate awarding the EPCC contract to Solarvest, a reputable company known for delivering high-quality projects on time and within budget. Their expertise instills confidence in our construction efforts, enhancing our solar project’s credibility and fostering an environment for innovative solutions. We are optimistic that this partnership will help us achieve our project goals and advance our sustainability objectives.”
Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong, added, “As a clean energy player, we are encouraged by the growing ESG awareness among corporations and their ambitious sustainability goals. The CGPP offers a valuable platform for independent power producers like LBS Bina and us to contribute to renewable energy infrastructure. Solarvest is honoured to provide EPCC services for this solar farm development, which highlights our ability to deliver complex solar projects, even in challenging terrains like the hilly landscape of the site. With our innovative approach and detailed project planning, we are confident in the groundwork for a successful construction phase.”
As of September 2024, Solarvest’s EPCC order book stands at RM582 million. The Group is actively pursuing additional EPCC opportunities under the CGPP, with a targeted capacity of approximately 380 MWp, representing an estimated project value of RM800 million.
