Gamuda to expand Australian growth with wind and solar

Wind turbines and solar panels against beautiful sky (gamuda)
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Gamuda, a subsidiary of Malaysia’s Gamuda Berhad, has revealed its Australian renewable energy market expansion plans, going beyond the construction of renewable projects to invest up to 40% equity in solar and wind assets to build a 1-2GW portfolio within five years.

Its growth strategy will be supported by its parent Gamuda Berhad’s strong balance sheet of AUD$7.65 billion in total assets and low gearing of 25%.

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Gamuda will also continue to selectively bid for major engineering, procurement and construction contracts in solar, wind, pumped hydro and transmission network upgrades and expansion, fuelled by electricity demand and the transition to renewables.

Gamuda CEO Ewan Yee said the company was ready to take the next step to diversify and grow its business in Australia. The target is to achieve a sustainable $2 billion revenue in the next five years from energy projects alone.

“Our vision is to become a leading sustainable energy contractor and a key equity partner for the long term with a particular focus on solar, wind, pumped hydro and transmission,” he said.

“This vision builds upon our ongoing success in the Australia infrastructure market and is informed by our energy and water infrastructure experience across a number of projects globally.

“We also see our demonstrated key strengths in completing complex large-scale linear construction, tunnelling, hydro and geotech in Australia as highly suited to now transition to energy projects,” Yee said.

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To support its efforts, Gamuda has recently recruited a new team of locally experienced energy specialists. It is also aligning with international strategic partners to fast-track and derisk its plans by providing technical expertise, resources and a secure supply of components, including solar panels and transmission towers.

This includes Gamuda Berhad’s significant shareholding in ERS Energy, Malaysia’s most prominent solar contracting company with a 1GW project pipeline in South-East Asia and who will bring their robust photovoltaic supply chain.

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