RAM Ratings has affirmed the AA3/Stable and P1 ratings of the unsecured and unguaranteed tranches under Solarvest Holdings Berhad's (Solarvest or the Group) RM1 bil Islamic Medium-Term Notes/Islamic Commercial Papers Programme (2023/2053).

The affirmation reflects the Group's established market position and track record in the solar engineering, procurement, construction and commissioning (EPCC) segment, supported by its strong execution capabilities and strengthening business profile. Continued sizeable order book replenishments have reinforced its position as a leading solar player in Malaysia, with a development portfolio of close to 4.0GWp as at end-June 2026. Its unbilled orderbook nearly doubled to RM2.4 bil as at end-June 2026 compared to a year earlier, providing revenue visibility through FY Mar 2028. Beyond secured contracts, its tender pipeline of 12.6GWp across Malaysia and regional markets offers further orderbook replenishment opportunities.  

The Group entered a partnership with Brookfield CTF Asia Holdings Pte Ltd, a unit of Brookfield Asset Management, to develop, construct and operate at least 1.5GW of utility-scale solar and battery energy storage projects over the next three to five years. The partnership is expected to support Solarvest's EPCC and asset ownership expansion with limited balance sheet strain through the use of non-recourse project financing (NRPF) at the joint venture level. Solarvest will contribute its development and execution expertise while Brookfield will provide funding support, access to corporate offtakers and operational capabilities. The arrangement could generate investment returns for Solarvest as projects are completed.

Solarvest delivered another record performance in FY Mar 2026, with revenue surging 41% y-o-y to RM758.9 million and pre-tax profit expanding 58% y-o-y to RM117.3 million. Strong earnings growth and proceeds from private placements as well as exercised warrants strengthened its equity base, k