KUALA LUMPUR: Solarvest Holdings Bhd plans to grow the contribution of its solar assets portfolio to one-third of its total revenue in five years as the nation's adoption of the circular economy model drives demand for solar energy.

       In remarks made during Solarvest's fourth annnual general meeting, Solarvest CEO Davis Chong Chun Shiong said this was to allow the group to generate a recurring revenue stream that improves its earnings visibility and long-term sustainability.

       "We anticipate an accelerated energy transition as the nation embraces the circular economy model. This will further drive demand for solar energy as renewable energy source is a key pillar to achieve a sustainable ecosystem," he said.

       Consequently, the group recalibrated its key focus areas and broadened its offerings to include solar financing and solar leasing solutions that enable businesses to switch to solar energy without any capital outlays.

       "This will alleviate the consumer’s capital requirement and accelerate solar adoption amongst the private and public sectors.

       "The financing solutions will play a crucial role in stimulating demand and provide access to businesses who wish to adopt the circular approach,” said Chong.

       Meanwhile, the group's project pipeline growth in Malaysia was robust as it continued to clinch solar projects from reputable industry leaders.

       According to Chong, the group's total unbilled orderbook stood at a record high of RM560mil as Sept 1, 2021.

       "Our growth prospects remain intact, and the outlook ahead is promising underpinned by the recent Twelfth Malaysia Plan (12MP) where sustainability was tabled as one of the key recovery themes," he added.

       Solarvest recently launched a solar financing programme, Powervest, to meet the shift in consumer preference to zero-upfront solar investment and fexible financing options.

       The programme encompasses two competitive financial models namely Powerflex and Powerlease, innovative tailor-made solutions targeted at commercial and industrial users with differing financing needs.

       As the group made further inroads into the clean energy industry, its entry into the LSS@Mentari programme marked its first major investment in LSS developments.

       In FY2021 ended March 31, 2021, Solarvest delivered an all-time high net profit of RM16.1mil on the back of revenue of RM224.29mil.