Samaiden bags RM56.6m EPCC contract for LSSPV in Perak

KUALA LUMPUR (March 15): Samaiden Group Bhd has bagged a RM56.64 million engineering, procurement, construction and commissioning (EPCC) contract in relation to the development of a 15MWac large scale solar photovoltaic (LSSPV) power plant in Kamunting, Perak. 

The renewable energy (RE) and environment solutions provider said its wholly-owned subsidiary Samaiden Sdn Bhd (SSB) had entered into the contract with Green RE Sdn Bhd to undertake, amongst others, EPCC works in relation to the power plant. 

The scope of work includes all design, engineering, procurement, supply, manufacturing, construction, installation, erection, testing, commissioning, labour, services, facilities, equipment, supplies and materials to be furnished, supplied or performed by SSB and/or any of its sub-contractors or suppliers of any tier in accordance with the contract. 

According to Samaiden, the project is one of the LSSPV plants approved by the Energy Commission in March last year, pursuant to the Large Scale MEnTARI (LSS4) programme. 

Meanwhile, Green RE is involved in the business of generating and supplying solar energy.

Samaiden said the commencement of the works shall be on March 15, which is also the date of the contract and the works are completed only upon satisfaction of the completion conditions as specified in the contract which is expected to be achieved by Oct 31, 2023.

“The defects liability period for the project is 24 months from the date of handing over of possession by SSB of the LSSPV power plant to Green RE.

“Barring any unforeseen circumstances, the contract is expected to contribute positively towards the future earnings of the Samaiden group of companies for the duration of the contract,” it said in a filing with Bursa Malaysia on Wednesday.

Samaiden’s share price ended the morning trading session unchanged at RM1.04, bringing a market capitalisation of RM240.24 million.

Source : The Edge Markets