Kumpulan Jetson Bhd and Helios Photovoltaic Sdn Bhd have signed a heads of agreement to jointly pursue solar power contracts in Sabah — a partnership that brings together a listed construction group and one of Malaysia's most experienced solar integrators in a straight 50:50 venture.
The agreement, disclosed through a Bursa Malaysia filing by Jetson, formalises the intention of both companies to bid together for solar power contracts in Sabah under a special purpose vehicle (SPV). Should a contract be awarded, both parties commit to executing a definitive agreement as soon as possible after the award.
For Kumpulan Jetson, the tie-up provides immediate access to Helios Photovoltaic's deep solar expertise — a capability the construction group does not have in-house. For Helios, the partnership brings Jetson's standing as a Bursa-listed entity, its established contractor relationships, and its capacity to handle the procurement and civil works component of large solar projects.
Why Helios Brings the Technical Edge
Helios Photovoltaic is described in the Bursa filing as a private limited company principally engaged in solar energy products and services — covering design and build, consulting, project management, and a solar monitoring system for all types of photovoltaic projects. That breadth of capability matters when bidding on government-scale solar contracts, where clients expect an integrated solution, not a piecemeal subcontracting arrangement.
The company's credentials at the time of signing were substantial. Helios had secured and completed solar projects worth more than US$40 million since incorporation, including the implementation of solar power projects within the Kapit and Song districts in Sarawak — powering approximately 700 households in various longhouses across those districts. That rural electrification track record was exactly the kind of portfolio needed to compete credibly for Sabah's own rural solar programmes.
"Helios has secured and completed numerous solar power projects with a value of more than US$40 million since its incorporation, including the implementation of the solar power projects within the Kapit and Song districts in Sarawak, which power about 700 households."
— Kumpulan Jetson Bhd, Bursa Malaysia filingTerms of the Agreement
The HoA sets out a clean framework. If a contract is awarded to the joint SPV, both parties will move swiftly to execute a definitive agreement governing the venture. The agreement remains in force until either that definitive agreement is signed, or either party terminates it by giving three months' written notice. It's a standard structure for pre-bid partnerships — enough commitment to align both parties, with a clear exit mechanism if the bid does not succeed.
Sabah's Solar Opportunity
Sabah represents one of Malaysia's most significant remaining rural electrification opportunities. Large portions of the state's interior remain off-grid, served by ageing diesel generators or no electricity at all. Federal and state programmes targeting this gap — particularly extensions of the SARES framework to East Malaysia — have created a pipeline of solar project opportunities that require experienced integrators with proven rural deployment capability.
The Jetson-Helios partnership positions both companies to compete for this pipeline as it develops, combining Helios' technical credibility with Jetson's balance sheet and contractor network.