Solarvest Holdings Bhd has secured a RM104 million contract to build a solar power plant in Negeri Sembilan under the Corporate Green Power Programme (CGPP) initiative, lifting its year-to-date (YTD) contract aggregate to RM485 million, which is 74% of the company's 2024 target, according to Kenanga Investment Bank Bhd (Kenanga Research).

This is the company's third major contract win in financial year 20251, bringing its year-to-date (YTD) contract win total to RM485 million and placing the clean energy specialist in a good position to achieve its full-year target of RM654 million, already 74% accomplished as noted earlier.

The new contract also boosts Solarvest's outstanding order book to RM686 million.

Awarded by Suria Hijauan Sdn Bhd, a consortium comprising LBS Bina Group (not Rated), MWG Solar Energy Sdn Bhd and Ocean Solar Energy Sdn Bhd, the contract calls for the development of a 43 megawatt peak (mWp) solar power plant in Senawang, Negeri Sembilan, scheduled to be completed by the end of 2025.

Solarvest has operations in the Philippines, Indonesia, Vietnam, Singapore and Thailand. The company's energy profile includes one-stop solar photovoltaic (PV) installation, renewable energy certificates, battery energy storage system, electric vehicle (EV) charging solution, as well as innovative clean energy financing.

In the immediate term, analysts expect a strong influx of opportunities driven by the 800mW CGPP with an end-2025 completion deadline, and an additional 500mW quota under the Net Energy Metering (NEM) initiative.

Solarvest is projected to secure at least 30% of the total CGPP contracts estimated at RM2.4 billion, translating to RM720 million. Based on market estimate, nearly RM794 million worth of contracts were awarded over the past three months.

Kenanga Research favours Solarvest as the top pick of the industrial sector, while maintaining its OUTPERFORM call and target price of RM1.91, citing bright outlook for clean energy supported by the government, strong earnings visibility backed by sizeable outstanding order and tender books.

As at 12:35pm on Oct 10, Solarvest's stock traded at RM1.62. (Stock updates from Bursa Malaysia)