Government launches 2.5GW Large Scale Solar 6 (LSS6) Quick Note

研报英文原文证据摘录

Government launches 2.5GW Large Scale Solar 6 (LSS6) Quick Note

Global Markets Research

Malaysia Renewables 17 July 2026

EQUITY: POWER & UTILITIES

Government launches 2.5GW Large Scale Solar 6 (LSS6) Research Analysts

ASEAN Power & Utilities

Ahmad Maghfur Usman - NSMQuick Note ahmad.maghfurusman@nomura.com

+603 2027 6892The Government yesterday announced the sixth phase of the Large Scale Solar

programme (LSS6) yesterday. This presents a compelling near-term catalyst for Solarvest Research Associates

(SOLAR MK, Buy), given the company's established track record in the domestic solar ASEAN Power & Utilities

engineering, procurement, construction and commissioning (EPCC) space. Shashwat Choudhary - NSFSPL

The Ministry of Energy Transition and Water Transformation (Petra) confirmed on Thursday that

LSS6 will offer a total quota of 2,500MW of solar capacity, paired with 1,250MW of battery energy

storage system (BESS), plus an additional 150MW of solar capacity reserved for Bumiputera

companies in Peninsular Malaysia. The programme is expected to draw private investment of

between MYR13bn and MYR15bn, with all projects targeted to reach full commercial operation by 31

December 2029.

For Solarvest, the investment thesis rests on its historical market share. The company has

consistently captured approximately ~30% of EPCC jobs across prior LSS cycles.

Applying a similar win rate to the 2,500MW LSS6 quota implies a potential addressable

pipeline of roughly 750MW of solar EPCC work, before accounting for the incremental

opportunity from the mandated hybrid BESS component, based on our back-of-envelope

calculation. The 1,250MW of BESS capacity is particularly noteworthy, as it broadens the

scope of engineering work per project and could lift average contract values relative to