Solarvest’s net profit jumps 57% in Q1, boosted by solar projects

Earnings growth driven by higher revenue contribution from large-scale solar 4 (LSS4) projects.

Solarvest Holdings Bhd says all three of its large-scale solar 4 assets totaling 67.3 MWp are on track for commissioning by FY2024.

Revenue from its engineering, procurement, construction, and commissioning of solar energy solutions segment soared by 176.8% to RM140.7 million, constituting 98.1% of Q1 revenue. “We are pleased that all three of our LSS4 assets totaling 67.3 MWp 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.Under the corporate green power programme , the group has project opportunities amounting to 250 MWp of which approximately 50 MWp is under full ownership by Solarvest, he said.

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.

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