Quarterly revenue surged 172.29% to RM143.39 million from RM52.66 million primarily due to the progress of the LSS4 projects.
Revenue from its engineering, procurement, construction, and commissioning (EPCC) of solar energy solutions segment soared by 176.8% to RM140.7 million, constituting 98.1% of Q1 revenue.
Consequently, the group’s earnings per share (EPS) for the quarter rose to one sen from 0.6 sen a year earlier, it said in a Bursa Malaysia filing today.
The group said the renewable energy (RE) business remains encouraging given the government’s efforts to raise the capacity of the renewable energy industry to 70% from 40% currently, and achieve its net-zero greenhouse gas (GHG) emission target by 2050.
“We are pleased that all three of our LSS4 assets totalling 67.3MWp are on track for commissioning by FY2024, positioning the group to generate annual electricity sales of RM9 million in net profit for 25 years upon commissioning,” said Group CEO Davis Chong in a statement.
Corporate green energy opportunities
Under the corporate green power programme (CGPP), the group has project opportunities amounting to 250MWp of which approximately 50MWp is under full ownership by Solarvest, he said.
With scheduled commissioning in 2025 and 21-year power purchase agreements (PPA), its CGPP solar plants will further contribute to recurring income in the long run.
“Our current unbilled order book of RM457 million is also expected to be further bolstered by the EPCC projects under the CGPP framework,” Chong added.
The group also reported securing several corporate PPAs amounting to 83.6MWp in cumulative capacity under its Powervest financing programme for commercial and industrial users.
This is projected to add to the annual recurring revenue of RM37 million upon full completion within the next 12 to 18 months, it said.
Additionally, Solarvest is making headway in its bid to deploy 10,000 electric vehicle (EV) charger installations by 2030. It signed a memorandum of understanding recently with Singapore partners to advance energy storage system development in solar energy systems.
In parallel, it is also venturing into new sustainable solutions including energy efficiency, renewable energy certificates (REC), green hydrogen, and green data centres.
Solarvest’s shares closed 1 sen or 0.8% higher at RM1.29, valuing the group at RM861.4 million.