Coastal Contracts' RE Venture Helps With Income Reliance Mitigation
Coastal Contracts' RE Venture Helps With Income Reliance Mitigation
With a 95% effective stake, the company expects the plant's commercial operation date to be between Apr 1, 2027, and June 30, 2027, under a 25-year power purchase agreement (PPA) with Sabah Electricity.
RHB Investment Bank Bhd (RHB Research) has maintained its BUY call on Coastal Contracts Bhd with a target price of RM1.67, reflecting a 10% upside, following the company's announcement of its maiden foray into the renewable energy (RE) sector through a solar project in Sabah.
印度兴业投资银行有限公司（RhB Research）宣布通过沙巴州的太阳能项目首次涉足可再生能源（RE）领域，此后，该公司维持了对海岸合同有限公司的买入看涨期权，目标价为1.67令吉，反映了10％的上涨空间。
The research house highlighted that the strategic move into green energy aligns with the sector's promising growth outlook, underpinned by initiatives like the Corporate Renewable Energy Supply scheme and Malaysia's National Energy Transition Roadmap.
该研究机构强调，绿色能源的战略举措符合该行业前景光明的增长前景，并得到了企业可再生能源供应计划和马来西亚国家能源转型路线图等举措的支持。
Coastal Contracts, through its subsidiaries Coastal Solar and Pleasant Engineering Sdn Bhd and in collaboration with consortium partner Bina HT, secured a notification of offer acceptance from the Energy Commission of Sabah. The consortium will develop a 15MWac large-scale solar (LSS) photovoltaic plant on Sabah's east coast.
Coastal Contracts通过其子公司Coastal Solar和Pleasant Engineering Sdn Bhd与联盟合作伙伴Bina Ht合作，获得了沙巴州能源委员会的接受要约通知。该财团将在沙巴州东海岸开发一座15兆瓦的大型太阳能（LSS）光伏发电厂。
With a 95% effective stake, the company expects the plant's commercial operation date to be between Apr 1, 2027, and June 30, 2027, under a 25-year power purchase agreement (PPA) with Sabah Electricity.
该公司持有95％的有效股份，根据与沙巴电力签订的为期25年的购电协议（PPA），预计该发电厂的商业运营日期为2027年4月1日至2027年6月30日之间。
While the terms of the PPA are yet to be finalised, Coastal Contracts' management estimates an internal rate of return of 10%-12%, partly due to potentially higher tariffs in Sabah.
尽管PPA的条款尚未最终确定，但海岸合同的管理层估计内部回报率为10％-12％，部分原因是沙巴州可能提高关税。
Historically, the region has offered favourable rates under the LSS2 programme. The estimated capital expenditure for the project is between RM45 million and RM56 million, based on an expected cost of RM2-RM2.5 million per MWdc. Funding is anticipated to follow an 80:20 debt-to-equity ratio, potentially generating RM2-RM3 million in annual earnings upon completion.
从历史上看，该地区一直根据LSS2计划提供优惠的费率。该项目的资本支出估计在4500万令吉至5600万令吉之间，根据每兆瓦直流的预期成本为2令吉至250万令吉。预计融资将遵循80:20 的债务与权益比率，完成后可能会产生2至300万令吉的年收入。
RHB Research views the project positively, citing the company's diversification into green energy as a prudent move to mitigate risks associated with its heavy reliance on Petroleos Mexicanos for income. The venture also underscores Coastal Contracts' strategic approach to capitalising on emerging renewable energy opportunities, supported by its strong financial position and expertise developed through a dedicated renewable energy team.
RhB Research对该项目持积极看法，称该公司向绿色能源的多元化发展是谨慎的举措，旨在降低与严重依赖墨西哥石油公司收入相关的风险。该合资企业还强调了Coastal Contracts利用新兴可再生能源机会的战略方针，这得到了其强劲的财务状况和通过专门的可再生能源团队积累的专业知识的支持。
Despite the optimistic outlook, the research house flagged potential risks, including project delays, contract cancellations and rising costs. However, they emphasised the long-term visibility the >15-year PPAs provided and the robust growth trajectory of Malaysia's renewable energy (RE) sector as supporting factors for Coastal Contracts' ongoing transition.
尽管前景乐观，但该研究机构还是指出了潜在风险，包括项目延迟、合同取消和成本上涨。但是，他们强调，超过15年的PPA所提供的长期可见性以及马来西亚可再生能源（RE）行业的强劲增长轨迹是海岸合同持续过渡的支撑因素。
The research house retained its earnings estimates for the company, noting that contributions from the solar project are expected only from 2027.
该研究机构维持了对该公司的收益预期，并指出该太阳能项目的捐款预计仅从2027年开始。