Malaysian clean energy expert Solarvest Holdings Berhad is embarking on strategic initiatives to expand its geographical reach into the Singapore and Brunei markets to capitalize on the growing demand for sustainable energy solutions.
This includes a synergetic collaboration with Singapore partners to advance energy storage solutions (ESS) development in solar energy systems for enhanced energy stability and reliability, Solarvest said in a statement on Tuesday.
According to the statement, Solarvest has successfully secured a total of nine commercial and industrial (C&I) rooftop solar photovoltaic (PV) installation projects across Singapore and Brunei, with a combined capacity of nearly 4.0 megawatt-peak (MWp).
In addition, the group boasts a robust project tender book of 60.0 MWp for rooftop solar PV projects in Singapore and Brunei, positioning it to establish a strong market presence in advancing clean energy solutions in both countries.
Solarvest opined that the prospects in both countries are highly promising, as Singapore has set its sights on reaching 2.0 GWp by 2030, while Brunei aims to achieve a solar energy target of 200.0 MWp by 2025.
Solarvest’s geographical footprint now includes Taiwan, the Philippines, Vietnam, Indonesia, Thailand, Singapore, and Brunei.
This strategic expansion allows Solarvest to be well-positioned in tapping into new sources of overseas income.
Apart from geographical expansion, Solarvest is also on track to promote energy sustainability in the C&I sectors, particularly the development of ESS within solar energy systems.
With that, Solarvest’s wholly owned subsidiary Solarvest Energy Sdn Bhd (SESB), has entered into a memorandum of understanding (MoU) with IDA Holdings Pte Ltd, an acclaimed Singapore-based multi-faceted industrial consultant, and Acumon Capital Pte Ltd (Acumon), a multi-disciplinary real estate developer and manager.
The MoU will facilitate the comprehensive development of clean energy projects in the C&I sector, including investment management and land sourcing for ESS-integrated solar projects.
Collaborative efforts will be directed toward submitting project proposals as well as undertaking the development and execution of the secured projects.
The development of ESS-integrated solar projects involves leveraging lithium battery and hydrogen hybrid technologies to optimize energy usage, efficiently manage peak demand, and ensure a stable power supply.
“In line with the Group’s 5-Year Strategic Roadmap, our expansion into the Singapore and Brunei markets represents a crucial step in strengthening our ASEAN market presence,” Solarvest Executive Director and Group Chief Executive Officer Davis Chong Chun Shiong said.
With that, he said the firm’s total tender book for overseas projects currently stands at 720.0 MWp, indicating a strong job pipeline for the group.
As part of its expansion strategy, he said the firm is progressing across the value chain as a holistic clean energy developer for selected overseas projects.
In addition to offering EPCC services, he said the firm is actively involved in project development, securing financing, and providing comprehensive operations and maintenance services.
“As Solarvest forges ahead, we are strategically positioning the group to capitalize on the ongoing shift toward clean energy by venturing into innovative sustainable offerings,” he said.
Through the tripartite MoU with IDA and Acumon, he said the firm aims to drive the C&I sector’s transition toward a low-carbon economy in line with the United Nations’ Sustainable Development Agenda.
According to him, the development of ESS in solar energy systems is exciting, as it unlocks new possibilities for energy optimization, thereby empowering businesses’ decarbonization journey with enhanced energy security and reliability.
“By integrating Solarvest’s clean energy capabilities with IDA’s architectural expertise and Acumon’s financial support, we are looking forward to creating a comprehensive framework for the deployment of ESS in clean energy projects,
“This partnership represents an advancement towards a more robust clean energy ecosystem, accelerating the adoption of green solutions among industrial players,” he added.
Solarvest is a listed firm in Malaysia with a multi-national presence across Asia-Pacific.
The company started as a one-stop solar PV system solution provider for residential, C&I, and utility-scale solar farms.
Today, the firm owns renewable energy generation plants with a cumulative capacity of over 100MW (on-going and completed).
The company is currently venturing into other clean energy solutions including, among others, energy efficiency, low-carbon mobility, and renewable energy certificates.