Malaysian clean energy firm Solarvest Holdings Berhad has successfully secured a total of 11 rooftop solar photovoltaic (PV) installation projects in Vietnam, with a combined capacity of 12.8 megawattpeak (MWp).
Solarvest said in a statement on Thursday that the projects have been secured via its wholly-owned subsidiary, Solarvest (Vietnam) Co. Limited.
Solarvest said that it will play a pivotal role as a clean energy developer for these secured projects, actively engaging in project development, financing procurement, and the provision of comprehensive operations and maintenance services.
It said the group is collaborating with a renowned local partner that will deliver engineering, procurement, construction, and commissioning (EPCC) services for these projects.
It also said the group’s expansion into the Vietnamese market aligns with its commitment to address the surging demand for sustainable energy solutions.
Currently, Solarvest boasts a robust project tender book of 100 MWp in the country, demonstrating its dedication to the growth and development of clean energy initiatives in the region.
“We are delighted with the progress of our overseas expansion efforts, which is well-aligned with our 5-year strategic roadmap,
“Including Vietnam, our overseas project tender book now stands at 620 MWp, indicating a strong job pipeline for the Group. This strategic expansion positions Solarvest favorably to tap into new streams of overseas income,” Solarvest Executive Director and Group Chief Executive Officer Davis Chong Chun Shiong said.
According to him, the prospects in Vietnam’s clean energy market are highly promising, with its commitment to transition away from coal as outlined in the Vietnam Eight National Power Development Plan (PDP8).
He said that the PDP8 establishes ambitious goals in the country’s energy generation mix, aiming for renewables installed capacity to reach 150 gigawatts (GW) by 2030 and 500 GW by 2050.
Consequently, he said Vietnam’s Ministry of Industry and Trade (MoIT) recently introduced a mechanism to incentivize the development of rooftop solar power systems, with a vision of equipping half of the country’s office and residential buildings with rooftop solar panels by 2030.
“As part of our strategic expansion plan, we are advancing across the value chain as a comprehensive clean energy developer for our overseas projects,” he said.
Given the focus on solar and wind energy within PDP8, where solar and wind energy are projected to account for approximately 34 percent and 27 percent, respectively of the 500 GW installed capacity, he said the firm is actively exploring wind energy projects alongside its ongoing solar ventures in Vietnam.
“Furthermore, we are venturing into innovative sustainable solutions, including battery energy storage systems (BESS), to enhance energy supply reliability and efficiency within our Vietnam projects,
“These efforts are aimed at strengthening our foothold in both the domestic and international clean energy markets,” he added.
Solarvest is a clean energy expert with a multi-national presence across Asia-Pacific.
The Malaysia-based company started as a one-stop solar PV system solution provider for residential, commercial and industrial, and utility-scale solar farms.
Today, Solarvest also 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.