Kawan Renergy Berhad announced its wholly-owned subsidiary has secured a RM58 million contract from Kinergy Advancement Berhad for the scope of Engineering, Procurement, Construction and Commissioning for a 52-megawatt power plant and its associated facilities in Sipitang, Sabah, with an estimated completion by the first quarter of 2026.

Kawan Renergy's Managing Director, Ir. Lim Thou Lai said, "The award of this contract is a testament to our Group's technical prowess and proven ability to deliver high-quality engineering solutions on time. We are honoured to be awarded with this project, which underscores our commitment to technical excellence and project execution."

"This Project is expected to contribute positively to our financial performance for this fiscal year ending 31 October 2024 and onwards. Our diverse project portfolio currently includes industrial process equipment, process plants, and renewable energy and co-generation facilities," concluded Ir. Lim.

Kawan Renergy said it remains optimistic about its prospects given the sustained demand for its services. The group added the fresh capital injection from its May 2024 initial public offering has been pivotal in accelerating its growth strategies, particularly in the thriving industrial process equipment sector. This, coupled with the booming demand for renewable energy and co-generation plants, aligns perfectly with Malaysia's ambitious net-zero emissions target by 2050. The Group's proven expertise in delivering energy-efficient projects positions it strategically to capitalise on these expanding opportunities.