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ISOTeam wins contract to install Singapore's largest offshore floating solar panel system

PC Lee

SINGAPORE (Jan 9): ISOTeam, the provider of building maintenance and estate upgrading services, has won a slew of contracts worth $22 million including a $11.31 million contract to install Singapore’s largest offshore floating solar farm.

Together with three other Repairs and Redecoration (R&R) projects worth $9.8 million and two fireproofing projects worth $0.87 million, ISOTeam’s order book hit a record of $142.98 million, the highest since the group’s inception more than two decades ago.

To be completed by September, the offshore floating solar farm project awarded by Sunseap Leasing involves the supply, design and installation of offshore grid-tied solar photovoltaic systems.

Supported by the Singapore Economic Development Board, the 5MW-peak system is expected to generate about 6,388 megawatt-hours of renewable energy annually once completed.

Meanwhile, the three R&R projects include works on 18 blocks at Kim Tian Place, Kim Tian Road and Jalan Bukit Merah, 44 blocks at Pasir Ris Street 1 and 44 blocks at Holland Avenue, Holland Drive, Holland Close, Commonwealth Crescent and Commonwealth Drive, all which are expected to be completed between January and June 2020.

The two fireproofing projects are expected to be completed by August.

ISOTeam expects this latest round of contract wins to impact the earnings per share and net tangible assets per share of the group positively for the current financial year ended 30 June 2019.

Shares in ISOTeam closed 0.5 cent higher at 20 cents on Wednesday.