Coastal Contracts' RE Venture Helps With Income Reliance Mitigation
Coastal Contracts' RE Venture Helps With Income Reliance Mitigation
With a 95% effective stake, the company expects the plant's commercial operation date to be between Apr 1, 2027, and June 30, 2027, under a 25-year power purchase agreement (PPA) with Sabah Electricity.
RHB Investment Bank Bhd (RHB Research) has maintained its BUY call on Coastal Contracts Bhd with a target price of RM1.67, reflecting a 10% upside, following the company's announcement of its maiden foray into the renewable energy (RE) sector through a solar project in Sabah.
RHb投資銀行（RHb研究）維持對Coastal Contracts Bhd的買入評級，目標價爲RM1.67，反映出10%的上漲潛力，此次是在公司宣佈進軍可再生能源（RE）板塊之後，首個太陽能項目將落戶沙巴。
The research house highlighted that the strategic move into green energy aligns with the sector's promising growth outlook, underpinned by initiatives like the Corporate Renewable Energy Supply scheme and Malaysia's National Energy Transition Roadmap.
研究機構強調，向綠色能源的戰略轉型與該板塊的良好增長前景一致，這一前景受到像企業可再生能源供應計劃和馬來西亞國家能源轉型路線圖等舉措的支撐。
Coastal Contracts, through its subsidiaries Coastal Solar and Pleasant Engineering Sdn Bhd and in collaboration with consortium partner Bina HT, secured a notification of offer acceptance from the Energy Commission of Sabah. The consortium will develop a 15MWac large-scale solar (LSS) photovoltaic plant on Sabah's east coast.
Coastal Contracts通過其子公司Coastal Solar和Pleasant Engineering Sdn Bhd，聯合合作伙伴Bina Ht成功獲得了沙巴能源委員會的接受通知。該財團將會在沙巴東海岸開發一座15MWac的大型太陽能（LSS）光伏電站。
With a 95% effective stake, the company expects the plant's commercial operation date to be between Apr 1, 2027, and June 30, 2027, under a 25-year power purchase agreement (PPA) with Sabah Electricity.
憑藉95%的有效股份，公司預計該電站的商業運營日期將在2027年4月1日至2027年6月30日之間，並與沙巴電力簽署25年的電力購買協議（PPA）。
While the terms of the PPA are yet to be finalised, Coastal Contracts' management estimates an internal rate of return of 10%-12%, partly due to potentially higher tariffs in Sabah.
儘管PPA的條款尚未最終確定，Coastal Contracts的管理層估計內部回報率爲10%-12%，這在一定程度上是由於沙巴可能更高的電價。
Historically, the region has offered favourable rates under the LSS2 programme. The estimated capital expenditure for the project is between RM45 million and RM56 million, based on an expected cost of RM2-RM2.5 million per MWdc. Funding is anticipated to follow an 80:20 debt-to-equity ratio, potentially generating RM2-RM3 million in annual earnings upon completion.
歷史上，該地域板塊在LSS2項目下提供了有利的電價。根據預計每MWdc的成本爲RM2-RM250萬，項目的預計資本支出在RM4500萬至RM5600萬之間。融資預計將遵循80:20的債務與股本比率，預計在項目完成後可能每年產生RM2-RM300萬的收益。
RHB Research views the project positively, citing the company's diversification into green energy as a prudent move to mitigate risks associated with its heavy reliance on Petroleos Mexicanos for income. The venture also underscores Coastal Contracts' strategic approach to capitalising on emerging renewable energy opportunities, supported by its strong financial position and expertise developed through a dedicated renewable energy team.
RHb研究對該項目持積極態度，指出公司向綠色能源的多元化是降低對墨西哥石油公司收入高度依賴所帶來的風險的明智之舉。該創業公司還強調了Coastal Contracts在利用新興可再生能源機遇方面的戰略方法，得益於其強勁的財務狀況和通過專門的可再生能源團隊發展出的專業技能。
Despite the optimistic outlook, the research house flagged potential risks, including project delays, contract cancellations and rising costs. However, they emphasised the long-term visibility the >15-year PPAs provided and the robust growth trajectory of Malaysia's renewable energy (RE) sector as supporting factors for Coastal Contracts' ongoing transition.
儘管前景樂觀，研究所警告存在潛在風險，包括項目延誤、合同取消和成本上升。但他們強調了超過15年的購電協議所提供的長期可見性，以及馬來西亞可再生能源（RE）板塊強勁的增長軌跡，這些都是支持Coastal Contracts持續轉型的因素。
The research house retained its earnings estimates for the company, noting that contributions from the solar project are expected only from 2027.
研究所保持對該公司的盈利預測，指出太陽能項目的貢獻預計要到2027年才能體現。
譯文內容由第三人軟體翻譯。
