INTRODUCTION
The Board of Directors of Solarvest ("the Board") wishes to announce that its wholly-owned subsidiary, Atlantic Blue Sdn. Bhd. ("ABSB"), had on 23 April 2026 entered into Engineering, Procurement, Construction and Commissioning Contract ("EPCC Contract") with Malakoff Silver Solar Sdn. Bhd.("MSSSB"). This EPCC Contract is for the purpose of carrying out the development of solar photovoltaic plant and its interconnection facilities under the Large Scale Solar 5 programme ("LSS5+") with a capacity of 470MWac ("Project") in Larut and Matang, Perak ("Facility").
INFORMATION ON ABSB
ABSB is incorporated in Malaysia as a private limited company by shares having its registered address at No. D-09-02, Level 9, EXSIM Tower, Millerz Square @ Old Klang Road, Megan Legasi, No. 357, Jalan Kelang Lama, 58000 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur. ABSB is a wholly-owned subsidiary of Solarvest.
The nature of business of ABSB is provision of EPCC Services for Photovoltaic ("PV") Systems and Investment in Solar PV Plants.
INFORMATION ON MSSSB
MSSSB is incorporated in Malaysia as a private limited company by shares having its registered address at Level 12, Block 4, Plaza Sentral, Jalan Stesen Sentral 5, 50470 Wilayah Persekutuan Kuala Lumpur.
MSSSB, a special purpose vehicle incorporated to undertake the Project, is jointly owned by Solarvest and Malakoff Corporation Berhad with shareholdings of 20% and 80%, respectively.
DETAILS OF THE EPCC CONTRACT
4.1 The contract sum of the EPCC Contract is RM1,063,417,129.26 ("Contract Sum").
4.2 ABSB shall commence the execution of the works upon receipt of the Notice to Proceed from MSSSB and shall ensure that the works are completed by 29 February 2028 ("Scheduled Commercial Operation Date").
4.3 ABSB shall provide a Performance Bond equivalent to 10% of the Contract Sum to MSSSB upon execution of the EPCC Contract. The Performance Bond shall be effective from the date of issuance of the Notice to Proceed and shall remain valid until 30 days after the issuance of the Facility Provisional Acceptance Certificate by MSSSB.
4.4 ABSB shall provide a Warranty Bond equivalent to 10% of the Contract Sum to MSSSB which shall be valid from the date of the issuance of the Warranty Bond until the issuance of the Final Acceptance Certificate.
4.5 The defects liability for the Facility shall be a period of 24 months from Facility Provisional Acceptance Date.
FINANCIAL EFFECTS
The Board is of the opinion that the acceptance of the EPCC Contract is expected to contribute positively to the net assets and earnings per share of Solarvest and its group of companies ("Solarvest Group") for the financial year ending 31 March 2027 and onwards until the completion of the Project.
RISK FACTORS
The Company does not foresee any exceptional risk other than the normal operational risks associated with the EPCC Contract. Nevertheless, the Company will take the necessary steps to mitigate the risks as and when they occur.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the Directors and/or major shareholders of the Company or persons connected with them has any interest, direct or indirect, in the EPCC Contract.
STATEMENT BY THE BOARD
The Board of Directors of the Company is of the opinion that the EPCC Contract is within the ordinary course of business of Solarvest Group and the execution of the EPCC Contract is in the best interest of Solarvest.
This announcement is dated 23 April 2026.