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”) to construct a 43MWp solar farm project.
The signing ceremony was witnessed by Deputy Prime Minister Datuk Seri Fadillah Yusof, who is also Energy Transition and Water Transformation Minister, during the recent 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, to be located in Senawang, Negeri Sembilan, is expected to be completed by the end of next year. Upon commissioning, it is projected to generate approximately 53,000MWh of clean energy annually, offsetting around 35,000 tonnes of carbon dioxide emissions.
The solar farm is also anticipated to contribute about 53,000 Renewable Energy Certificates (REC) to the market, supporting corporate consumers in meeting their sustainability goals.
LBS Bina stated that its 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 goals but also complements its core business of property development by enhancing its future product offerings with renewable energy solutions. By developing renewable energy projects under the CGPP, LBS Bina will create new, recurring revenue streams upon the commissioning of the solar farm, enhancing 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.
LBS Bina group executive chairman Tan 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 the awarding of the EPCC contract to Solarvest, a reputable company known for its high-quality project delivery on time and within budget.
“Their expertise instils confidence in our construction efforts, enhancing our solar project’s credibility and fostering a collaborative environment for innovative solutions. We are optimistic that this partnership will help us achieve our project goals and advance our sustainability objectives.”
Solarvest executive director and group CEO Davis Chong Chun Shiong said: “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 the development of renewable energy infrastructure.
“Solarvest is honoured to provide EPCC services for its solar farm development. This project 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 that the groundwork is in place for a successful construction phase.”
As of last month, Solarvest’s EPCC order book stands at RM582 million. The group is also actively pursuing additional EPCC opportunities under the CGPP, with a targeted capacity of approximately 380MWp, representing an estimated project value of RM800 million.
