Solarvest

What Solarvest does

Solarvest Holdings Berhad (KLSE: SLVEST), founded in 2015 and headquartered in Kuala Lumpur, is Malaysia's largest solar company, operating as an Engineering, Procurement, Construction and Commissioning (EPCC) contractor and technology partner for utility-scale solar photovoltaic projects. The company's core offerings include utility-scale solar PV deployment (projects ranging from 29.99 MW to 690 MWp), Battery Energy Storage Systems (BESS) integration with claimed 20-65% energy cost savings and 3-6 year payback, and end-to-end project development through its subsidiary Atlantic Blue Sdn. Bhd. The company has expanded into solar thermal and energy-saving services via a 22% stake in Solar District Cooling Group Bhd, acquired for RM41.96 million.

Solarvest generates revenue primarily through EPCC contracts and technology partnership fees on large-scale solar projects, with contracts historically ranging from RM142 million to RM1.06 billion and project execution timelines of 18-24 months. The company secures work through Malaysia's competitive Large-Scale Solar (LSS) tender program, direct negotiation with government-linked entities such as Malakoff Corporation Berhad, and co-development partnerships with landowners and developers. Long-term revenue visibility is anchored by 21-year Power Purchase Agreements with Tenaga Nasional Berhad (TNB) and corporate Virtual PPAs with multinational customers including Micron Malaysia (30 MW) and Google (1.5 TWh annually via Citra Energies).

In FY2026, Solarvest reported record revenue of RM757.1 million (41% YoY increase) and net profit of RM79.8 million (53.7% YoY increase), with 330% revenue growth over five years. The company carries an RM2.7 billion order book driven by major awards including the RM1.06 billion LSS5+ 690 MWp project in Perak and the RM1.05 billion TNB Green Sukuk-funded 500MWac project in Kedah. The company is targeting capacity expansion from 1.2 GW to 3.2 GW by 2027, with stated geographic expansion into Vietnam and the Philippines and a focus on serving AI data center power demand projected at 7.7 GW in Malaysia by the end of the decade.

Name

Solarvest

Legal name

Solarvest Holdings Berhad

Website

https://solarvest.my

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

251–500 employees

Short description

Solarvest Holdings Berhad is Malaysia's largest solar company, operating as an EPCC contractor and technology partner for utility-scale solar projects. It serves government utilities, developers, and multinational corporations such as Google and Micron via long-term power purchase agreements.

Ownership category

akta.pro rank

Product category

Solar Energy Services

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111)

SIC

Electric Services (4911)

akta.pro primary industry

Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB)

akta.pro secondary industries

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations) (EUACAGAC), Solar Balance-of-System Components (Cables, Combiner Boxes, Switchgear, Transformers) (EUAMABAG), Solar Balance-of-Plant EPC (Piles/Foundations, Trenching, Combiner Networks) (EUAEADAJ)

Keywords

• Utility-scale solar
• Solar EPCC services
• Battery energy storage
• Renewable energy solutions
• Solar power generation

Headquarters

HQ city

Petaling Jaya

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. EPCC Contract Revenue: Engineering, Procurement, Construction and Commissioning contracts for solar PV projects. Revenue recognized over project execution timelines typically spanning 18-24 months from commencement to commercial operation. Contracts range from RM142 million to RM1.06 billion.
2. Technology Partnership Fees: Revenue from providing technology solutions and expertise as a technology partner for solar projects owned by other entities. Includes technical advisory, design, and operational support services.
3. Solar Project Development: Development of utility-scale solar projects through subsidiary Atlantic Blue Sdn. Bhd., including land acquisition, permitting, and project development prior to EPCC execution or sale.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Solarvest provides Engineering, Procurement, Construction and Commissioning (EPCC) services for utility-scale solar photovoltaic projects in Malaysia, typically ranging from 29.99 MW to 690 MWp capacity under the government-administered Large-Scale Solar (LSS) program. Through its subsidiary Atlantic Blue Sdn. Bhd., the company executes full project lifecycles, integrates Battery Energy Storage Systems (BESS) for peak-hour optimization, and acts as technology partner for project owners and corporate buyers via Virtual Power Purchase Agreements (VPPAs).

Product overview

Solarvest Holdings Berhad is Malaysia's largest solar company operating through its subsidiaries (primarily Atlantic Blue Sdn. Bhd.) as an EPCC and technology partner for utility-scale solar projects. The company offers a portfolio of solar generation capacity ranging from 29.99 MW to 690 MW projects, Battery Energy Storage Systems (BESS) with 20-65% savings potential, and EPCC services covering the full project lifecycle. Solarvest is expanding its generation capacity from 1.2 GW to 3.2 GW by 2027 and has acquired a 22% stake in Solar District Cooling Group to expand into solar thermal and energy-saving services. The company is positioned for upcoming opportunities under Malaysia's LSS6 programme with grid-scale battery energy storage.

Differentiator

Problem solved

Functional benefit

Products and services

• EPCC Services for Utility-Scale Solar Projects
• Battery Energy Storage Systems (BESS)
• Utility-Scale Solar Power Generation Solar electricity generation from large-scale photovoltaic plants under 21-year Power Purchase Agreements (PPAs) with Tenaga Nasional Berhad (TNB) for grid-connected supply. Includes flagship 690 MWp LSS5+ project in Perak expected to generate 970,000 MWh annually.
• Virtual Power Purchase Agreement (VPPA) Solutions Corporate renewable energy procurement solutions through Virtual Power Purchase Agreements, enabling multinational corporations to meet 100% renewable electricity targets. Solarvest provides dedicated renewable energy supply to manufacturing facilities under long-term agreements.
• Solar Project Development Services End-to-end solar project development services through subsidiary Atlantic Blue Sdn. Bhd., including land acquisition, permitting, design, and project development prior to EPCC execution or sale. Enables partners to participate in Malaysia's LSS program.

Quantifiable outcome

• 53.7% increase in net profit to RM79.8 million in FY2026
• +6 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered minor, core and flagship.

• Kee Ming Group BerhadminorImplementation/ SI/ Consulting Partner · 24 June 2026Kee Ming secured RM70 million subcontract from Atlantic Blue for mechanical and electrical engineering works on 99.99 MW solar project in Bukit Selambau, Kedah. Scope includes supply, installation, testing, and commissioning of interconnection facilities.
• Tenaga Nasional Berhad (TNB)coreStrategic or Co-development Partner · 14 May 2026TNB issued MYR 1.05 billion Green Sukuk to fund Malaysia's largest solar project. Atlantic Blue (Solarvest subsidiary) is building the 500MWac plant in Kuala Muda, Kedah. PESB Engineering handles electrical infrastructure while TNB Renewables assumes long-term management.
• TotalEnergiesminorStrategic or Co-development Partner · 13 May 2026TotalEnergies and MK Land reached financial close on 30-MW PV project in Kulim, Kedah. Solarvest executes the project as EPCC contractor. BNP Paribas Malaysia Berhad provided MYR 148 million loan financing.
• Malakoff Corporation Berhad / Malakoff Silver Solar Sdn. Bhd.flagshipStrategic or Co-development Partner · 24 April 2026Solarvest, through subsidiary Atlantic Blue Sdn. Bhd., appointed as EPCC and technology partner for Malaysia's largest LSS5+ solar project valued at RM1.06 billion. The 690 MWp project in Perak is developed by Malakoff Silver Solar. Strategic partnership positions Solarvest for future LSS6 opportunities with battery storage.
• AI Data Centers (Malaysia)coreStrategic or Co-development Partner · 20 February 2026Solarvest targets expansion to serve AI data centers projected to require 7.7 GW of electricity in Malaysia by decade's end. Declining battery costs enable further renewables deployment for power-hungry AI computing infrastructure.
• Micron MalaysiacoreChannel Partner/ Reseller/ Distributor · 25 January 2026Solarvest provides 30-megawatt Virtual Power Purchase Agreement to Micron Malaysia, enabling it to become the first Micron site globally to operate on 100% renewable electricity through Malaysia's Green Electricity Tariff program.
• Solar District Cooling Group BhdminorStrategic or Co-development Partner · 23 December 2025Solarvest acquired 22% stake in Solar District Cooling for RM41.96 million in cash. Deal funded from internally generated funds. Aims to strengthen Solarvest's position in solar thermal and energy-saving services with targets for operational synergies and cross-selling opportunities.
• M K Land Holdings Berhad / Citra Energies Sdn. Bhd.coreStrategic or Co-development Partner · 2 December 2025MYR 142.3 million EPCC contract for 29.99MW solar PV plant in Kedah. Project financed through MYR 148 million loan from BNP Paribas Malaysia Berhad. Features 80,000 panels across 115 acres with 21-year PPAs with technology and industrial players including Google.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Cypark Resources Berhad: Malaysian renewable energy company listed on Bursa Malaysia operating in solar EPCC, waste-to-energy, and biogas. Directly comparable as a homegrown Malaysian clean energy platform competing for LSS tenders and similar government programs.
• Scatec ASA: Norwegian renewable energy company focused on developing, building, and operating utility-scale solar PV plants in emerging markets. Closely comparable business model of solar project development plus EPCC execution in growth markets with multi-hundred MW project sizes.
• Tata Power Solar Systems Limited: Indian solar EPC and module manufacturer operating utility-scale and rooftop solar projects. Comparable as an emerging-market utility-scale solar EPC contractor with government-tendered project wins and similar business model of EPCC plus IPP operations.

Regional players

• Gunkul Engineering Public Company Limited: Thai renewable energy company with solar EPC, battery storage, and power generation operations across Southeast Asia. Comparable as a regional utility-scale solar EPC contractor with similar EPCC-plus-generation business model in ASEAN markets.
• Concord New Energy Group: Hong Kong-listed renewable energy company operating utility-scale solar and wind power plants primarily in mainland China and overseas. Comparable as an Asia-focused utility-scale solar developer and operator with similar generation-driven business model.
• Energy Absolute Public Company Limited: Thai renewable energy group with solar farms, battery storage, and EV charging infrastructure. Comparable as an ASEAN utility-scale renewable developer with solar plus storage capability and government-tendered project wins.

Broad incumbents

• Clearway Energy, Inc. US-listed owner and operator of renewable energy assets including utility-scale solar with PPAs. Comparable as an operator of contracted renewable generation, though focused on asset ownership rather than EPCC execution.
• First Solar, Inc. US-based thin-film solar PV manufacturer with vertically integrated project development and EPC capabilities globally. Comparable as a major solar PV player operating across the full value chain, though at significantly larger scale and with proprietary module technology.
• Risen Energy Co., Ltd. Chinese vertically integrated solar PV manufacturer and utility-scale project developer. Comparable as a full-stack solar platform spanning modules, project development, and EPC in emerging markets.

Emerging players

• SunPower Corporation: US-based solar company (emerging from 2024 bankruptcy restructuring) focused on residential and commercial solar plus new utility-scale initiatives. Comparable as a global solar EPC peer with overlapping utility-scale ambitions, though predominantly serving different customer segments.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solarvest