PETALING JAYA: The RM102mil contract to develop a 29.99MW large-scale solar photovoltaic plant (LSSPV) project in Bukit Badong, Selangor shows that Uzma Bhd is on the right track in realising its five-year plan to broaden its earnings base by building a healthy revenue mix.

       The mix, of which 40% is to be derived from the non-oil and gas (O&G) segment, with solar energy being the largest contributor in three areas which are engineering, procurement, construction and commissioning (EPCC), operations and maintenance, and asset development.

       PublicInvest Research said Uzma’s solar business order book stands at RM935mil, comprising RM255mil worth of EPCC works and RM670mil for the power purchase agreement or PPA from its 85MW-owned asset.

       “In the near term, the group aims to achieve RM500mil revenue from this business. The prospect in this segment remains promising as the Malaysia Renewable Energy Roadmap or MyRER aims for the country to achieve a renewable energy capacity of 31% by 2025 and 40% by 2035.

       “This translates to 4GW of additional renewable energy capacity by 2025, and a further 5GW by 2035,” said the broker in a report yesterday.

       O&G service contractor Uzma had secured an EPCC provision contract worth RM101.8mil from Nextenaga Sdn Bhd, a wholly-owned subsidiary of Nexuscorpgroup Sdn Bhd.

       The job in Selangor involves the EPCC of 29.99MWac and all associated works.

       Uzma said its related company, Uzma Nexus Sdn Bhd or UNSB, shall complete and hand over the works to Nextenaga by Dec 31, 2022, for the initial operation date and commercial operation date by March 9, 2023.