LBS Bina awards RM104 mil solar farm construction to Solarvest

• Upon completion, the solar farm is expected to generate approximately 53,000 MWh of clean energy annually, offsetting around 35,000 tonnes of carbon dioxide emissions, LBS Bina noted. 

KUALA LUMPUR (Oct 9): Property developer LBS Bina Group Bhd (KL:LBS) has awarded renewable energy company Solarvest Holdings Bhd (KL:SLVEST) a contract to build a 43-MWp solar farm in Senawang, Negeri Sembilan, valued at RM104 million.

The solar farm is owned by Suria Hijauan Sdn Bhd, a consortium comprising Setara Armada Sdn Bhd which holds a 51% stake, MWG Solar Energy Sdn Bhd (29%) and Ocean Solar Energy Sdn Bhd (20%).

Setara Armada is a wholly owned subsidiary of LBS Bina, according to the group's filing on Wednesday.

Upon completion, the solar farm is expected to generate approximately 53,000 MWh of clean energy annually, offsetting around 35,000 tonnes of carbon dioxide emissions, LBS Bina noted. 

The project is targeted for completion by the end of 2025.

“This initiative not only aligns with LBS Bina's environment goals but also complements its core business of property development by enhancing its future product offerings with renewable energy solutions,” the group said.

LBS Bina said the development of the renewable energy project under the Corporate Green Power Programme may generate new and recurring revenue streams for the company, further enhancing its long-term earnings visibility.

LBS Bina's group executive chairman Tan Sri Dr Lim Hock San said he is optimistic about the partnership, emphasising its alignment with the group’s sustainability objectives and project goals.

Shares in LBS Bina rose half a sen, or 0.81%, to close at 62.5 sen on Wednesday, giving the company a market capitalisation of RM979.94 million. Year-to-date, LBS Bina shares have increased by 4.17%.

Meanwhile, Solarvest group chief executive officer Davis Chong Chun Shiong added that the company is confident of delivering a successful project through innovative planning and meticulous groundwork.

Solarvest shares ended at four sen, or 2.52%, higher at RM1.63, valuing the company at RM1.15 billion. Year-to-date, Solarvest shares have surged 23.48%.

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