Gamuda Secures RM2.28b Mortlake Solar Project

KUALA LUMPUR, Sept 29, 2026, Gamuda Bhd has secured its largest solar-related EPC contract in Australia, reinforcing its position as Malaysia’s top construction pick. Through Gamuda Engineering Australia (GEA), the group won an AUD790m (RM2.28b) contract for Stage 1 of the Mortlake Energy Hub in Victoria, comprising a 435MWp solar facility and a 1,449MWh battery energy storage system (BESS). A separate AUD45m (RM130m) operations and maintenance contract is expected soon, potentially lifting the total value to RM2.41b.

Mortlake

The project, scheduled to begin enabling works on Sept. 29, 2026, targets completion by Jan. 2029. Analysts expect a PBT margin of around 5%, with 80% of procurement already locked in, mitigating cost risks typically associated with fixed-price contracts. Mortlake also extends Gamuda’s renewable energy track record, with Stage 2 projected to follow in about a year, potentially adding another RM2b contract.

Gamuda’s outstanding order book stands at RM61.2b, with CY26 wins reaching RM24b, surpassing earlier assumptions. The group is on track to end the year with RM60b or more in secured projects, supported by upcoming domestic and international jobs. Earnings forecasts remain intact, and analysts maintain a BUY call with an unchanged TP of RM5.60, implying 24.5x FY27F PE. – MBSB

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