Solarvest

SOLARVEST Holdings Bhd has disclosed that its 30MWac solar power project in Brunei will involve a total investment of BND34 million (RM112.4 million), with the majority of funding to be raised via bank financing.

In a Bursa Malaysia filing today, the company said the equity portion for its wholly owned subsidiary, Atlantic Blue Sdn Bhd, will be fully funded through internally generated funds.

The project is being developed under a 25-year power purchase agreement (PPA) signed on June 14 with the Government of of Brunei, represented by the Department of Electrical Services (DES).

The solar facility — set to be Brunei’s largest once completed by end-2026 – will be built on a 33.29-hectare remediated landfill and is expected to generate 64.47 million kWh of renewable energy annually.

Solarvest is undertaking the project through a joint venture company, Seri Suria Power (B) Sdn Bhd (SSPSB), where Atlantic Blue holds a 34% stake.

Brunei’s Khazanah Satu Sdn Bhd holds 30%, while Serikandi Oilfield Services Sdn Bhd owns the remaining 36%.

The project supports Brunei’s target of reaching a 30% renewable energy mix and cutting greenhouse gas emissions by 20% from business-as-usual levels by 2030. — TMR