Securing Google as the offtaker for Solarvest Holdings Bhd’s (KL:SLVEST) 33%-owned solar power plant secures the group’s credential for future bids, said analysts.
The Edge newspaper reported Kenanga Research as pointing out that the track record of supplying power to Google also accrues to Solarvest, which was also earlier tasked with undertaking the engineering, procurement, construction and commissioning (EPCC) portion of the Gurun power plant.
“This being Google’s first inaugural power purchase agreement under Malaysia’s Corporate Green Power Programme (CGPP) augurs well for Solarvest to collaborate actively ahead, including under Corporate Renewable Energy Supply Scheme (CRESS) bids, particularly for data centre build-out requiring green energy,” the house said in a note. On Monday, Shizen Energy Group, the lead developer, announced that Google would be purchasing power from the 29.99MW solar plant.
The Japanese renewable energy group owns 49% of the plant, alongside Solarvest and HSS Engineers Bhd with an 18% stake.
Separately, Solarvest via 49%-owned Binastra Atlantic Sdn Bhd won an LSS5 EPCC job worth RM171.1 million.
Following the latest win, Solarvest’s outstanding order book is estimated at about RM1.7 billion, equivalent to nearly four times its EPCC revenue for the financial year ended March 31, 2025 (FY2025).
