Alpina Awarded The Sixth Solar Leasing Tender Under The SolarNova Programme By HDB

- The Group's wholly-owned subsidiary, Digo Corporation, and Terrenus Energy have been jointly awarded a 70 MWp project for the installation of solar panels across 1,198 HDB blocks and 57 government sites as well as the installation of smart electrical sub-meters at HDB blocks

- This project is the sixth solar leasing tender under the SolarNova programme, a Whole-Of-Government effort led by EDB and HDB to accelerate the deployment of solar photovoltaic systems in Singapore

Singapore, Mar 24, 2022 - (ACN Newswire) - Alpina Holdings Limited (the "Company", and together with its subsidiaries, the "Group"), an established Singapore-based specialist in providing integrated building services ("IBS"), mechanical and electrical ("M&E") engineering services, and alteration and addition ("A&A") works to public and private sector projects, is pleased to announce that its wholly-owned subsidiary, Digo Corporation Pte. Ltd. ("Digo Corporation"), and Terrenus Energy Pte Ltd ("Terrenus Energy"), have been jointly awarded the sixth solar leasing tender under the SolarNova programme (the "Project") by the Housing & Development Board ("HDB"). Terrenus Energy is a renewable energy systems developer and solutions provider based in Singapore.

The Project, with a solar capacity of 70 megawatt-peak ("MWp"), aggregates public sector demand for the installation of solar panels across 1,198 HDB blocks and 57 government sites. The Project also includes the requirement to install smart electrical sub-meters at HDB blocks to monitor and analyse energy consumption patterns and the performance of common services at each HDB block. Installation of the solar photovoltaic panels is expected to begin in the 3rd quarter of 2022 and complete by the 1st quarter of 2025.

Following the award of the Project, Digo Corporation and Terrenus Energy will, inter alia, enter into a joint venture agreement ("JVA") in relation to be setting up a joint venture company to be incorporated to undertake the Project. As at the date of this press release, the negotiations between Digo Corporation and Terrenus Energy on the JVA are at a preliminary stage.

The Group holds 15 Workhead registrations and 2 builder licences with the Building and Construction Authority ("BCA"). Among these, the Group holds a ME03 (Solar PV system integration) Workhead registration, which allows the Group to undertake installation, testing, commissioning, maintenance and repair of ground/ building-mounted grid-connected solar PV systems for electricity generation.

The Company's Executive Chairman and Chief Executive Officer, Mr. Low Siong Yong, said, "Solar energy is the most promising renewable energy source for electricity generation in Singapore, and it serves as an important part of Singapore's efforts to decarbonise its energy usage.

Securing this solar leasing tender is a significant milestone for us and together with our joint venture partner, we are pleased to contribute meaningfully to the acceleration of the renewable energy market in Singapore.

Building on this momentum, our Group is well positioned to be an enabler for green energy and moving ahead, we aim to develop new capabilities and value propositions within the renewable energy value chain."

This press release is to be read in conjunction with the Company's SGXNet announcement dated 23 March 2022, which can be downloaded via www.sgx.com.

About Alpina Holdings Limited

(SGX Stock Code:ZXY / Bloomberg Code: ALPINA:Singapore)

Alpina Holdings Limited has a long operating history of over 17 years, specialising in IBS, M&E engineering services and A&A works for both public and private sector projects.

The Group's projects are all located in Singapore with predominantly public sector customers such as government ministries and statutory boards as well as public education institutions.

The Group currently holds 15 Workhead registrations and 2 builder licences with the BCA. Among these, it has attained the highest grading of L6 for its registration under the ME15 (Integrated Building Services) and ME05 (Electrical Engineering) Workheads, which allow the Group to undertake projects in the public sector with no tendering limits and no project value limits under the respective Workheads.

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