Catalist-listed Figtree Holdings has been awarded a contract valued at RMB95.0 million ($20.0 million) to design and build and industrial facility in China for Leapton New Energy (Changshu).
Leapton New Energy is a wholly-owned subsidiary of Japan-based Leapton Energy Co, which is one of the largest integrated photovoltaic company in China. The company focuses on the production and sales of solar cells, modules, mounting and power system R&D.
The facility is located at Changfu Street, Changshu City in China’s Jiangsu province and will be the company’s main manufacturing and distribution centre.
The facility will have a total gross floor area of around 73,000 sqm spanning four storeys. The construction of the facility is slated to begin in the third quarter of 2022. It will be completed about a year later, in the third quarter of 2023.
“This is the second design and build project that Figtree has won in the renewable energy sector in the last two years, which reflects our growing brand reputation and expertise catered to this space,” says Danny Siaw, Figtree’s managing director.
“We are excited to be able to strengthen our capabilities in this area, particularly given China’s pledge to almost double its total wind and solar capacity to 1,200 gigawatts by 2030 and its plans to build large-scale renewable energy bases in north-western desert regions. By 2025, the PRC government aims to harness 33% of its power from renewable sources, up from 28.8% in 2020. With our track record, we hope to capture some of these growing opportunities in this market,” he adds.
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The contract will contribute to the group’s revenue for the current financial year ending Dec 31, but is not expected to have a material impact on its earnings per share (EPS) and net asset value (NAV) per share.
Shares in Figtree closed flat at 3.8 cents on June 20.
