Last updated on August 23, 2025
KUALA LUMPUR, 22 August 2025 – Solarvest Holdings Berhad (“Solarvest” or “the Group”), a leading regional clean energy solutions provider, has received an upgraded long-term rating from RAM Rating Services Berhad (“RAM Ratings”). The rating for its RM1 billion Islamic Medium-Term Notes/Islamic Commercial Papers Programme (2023/2053) has been raised to AA3 from A1, with the outlook revised to stable from positive.
RAM Ratings attributed the upgrade to Solarvest’s solid business fundamentals and robust growth trajectory, supported by an expanded order book that more than doubled to RM1.2 billion as of end-June 2025, compared to RM469 million a year earlier. The agency highlighted Solarvest’s distinctive value proposition, which continues to give the Group an edge in Malaysia’s fragmented and highly competitive solar engineering, procurement, construction and commissioning (EPCC) market.
The ratings agency also noted that Solarvest’s sensitised cash flow projections over the next three years indicate the Group will remain in a net cash position. Key credit metrics are expected to stay resilient, with adjusted gearing averaging 0.51 times and adjusted funds from operations debt coverage (FFODC) averaging 0.32 times—both stronger than industry peers.
Although operating cash flow net of capital expenditure is projected to remain negative in the near term due to elevated annual capex of around RM525 million, Solarvest’s liquidity profile remains sound. This is backed by undrawn banking facilities and reliable access to capital markets, ensuring continued financial flexibility.
