Quick take: Yinson rises 4.7% on RM1.5bil solar power plant contract

KUALA LUMPUR: Yinson Holdings Bhd rose in over 4% in early trade Thursday after securing a RM1.5bil solar photovoltaic (PV) power project in India.

The offshore oil and gas services provider added 4.72%, or 25 sen to RM5.55, making it the top gainer on Bursa Malaysia.

Yinson’s unit has bagged a contract worth an estimated 27.5 billion rupees (RM1.5bil) to develop a 190MW grid-connected solar photovoltaic power project in the Nokh Solar Park in India’s Rajasthan state.

The contract awarded to the group’s indirect 80%-owned subsidiary Rising Sun Energy (K) Pvt Ltd (RSEK) by NTPC Ltd has an estimated aggregate value based on a fixed tariff of 2.25 rupees per kWh.

The solar project is located about 30km away from Yinson’s existing 140MW Bhadla projects which are currently operated by its 95% owned subsidiary, Rising Sun Energy Pvt Ltd.

Kenanga Research is positive on this power purchase agreement, reaffirming Yinson’s commitment to its renewable energy expansions, with this being its second solar project in India.

The research house has maintained its “outperform” call on Yinson with a target price of RM6.95.

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