Property developer LBS Bina Group Bhd (KL) has partnered with Solarvest Holdings Bhd (KL) to build a 43-megawatt peak (MWp) solar farm in Senawang, Negeri Sembilan, under a RM104 million contract. This collaboration is part of LBS Bina’s initiative to incorporate renewable energy into its business strategy.
The solar farm will be developed by Suria Hijauan Sdn Bhd, a consortium comprising Setara Armada Sdn Bhd (51%), 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 a filing on Wednesday.
A Step Towards Renewable Energy and Sustainability
Upon completion, the solar farm is expected to generate 53,000 MWh of clean energy annually, reducing carbon dioxide emissions by approximately 35,000 tonnes. The project is scheduled for completion by the end of 2025, in line with LBS Bina’s environmental goals and sustainability initiatives.
This solar initiative complements LBS Bina’s core property development business by integrating renewable energy solutions into future projects. The Corporate Green Power Programme associated with this project is expected to create new and recurring revenue streams for LBS Bina, enhancing its long-term earnings potential.
Positive Impact on the Market
LBS Bina’s group executive chairman, Tan Sri Dr Lim Hock San, expressed optimism about the partnership, highlighting its alignment with the company’s sustainability objectives. Meanwhile, Solarvest group CEO, Davis Chong Chun Shiong, emphasized the company’s commitment to delivering a successful project through innovative planning and thorough execution.
Following the announcement, shares in LBS Bina rose 0.81% to close at 62.5 sen, with a market capitalisation of RM979.94 million. Year-to-date, LBS Bina shares have increased by 4.17%.
Solarvest shares also saw gains, closing 2.52% higher at RM1.63, giving the company a market valuation of RM1.15 billion. Year-to-date, Solarvest shares have surged by 23.48%.
This partnership marks a significant milestone in Malaysia’s renewable energy landscape, positioning both LBS Bina and Solarvest as key players in driving sustainable energy solutions in the country.
