Solarvest, Malaysia’s clean energy firm, has announced a strategic collaboration with GreenRock Energy, a Taiwanese renewable energy player, to accelerate the development of green energy solutions in both Taiwan and Malaysia.

This regional partnership unlocks substantial growth opportunities for both companies, enabling them to tap into each other’s established markets and expertise, to navigate the complexities in the region, Solarvest said in a statement on Monday.

This partnership marks a milestone for a Taiwanese company entering the Malaysian renewable energy market, with a target of achieving 1 gigawatt (GW) of renewable energy projects in the next five years.

Through this collaboration, GreenRock Energy anticipates an advancement in its regional expansion by leveraging Solarvest’s strengths in Malaysia and the Southeast Asia market, thereby driving the region’s energy transformation and sustainable development.

According to the statement, the heightened demand for renewable energy has prompted Taiwan energy companies to expand their operation into international markets.

GreenRock Energy recognizes Malaysia’s potential, aligning with the government’s goal of reaching 40% green energy by 2035.

To secure a competitive market advantage, GreenRock Energy has now become the first Taiwanese company to participate in Malaysian government green energy projects.

According to the statement, the Malaysian energy market is actively transforming to achieve green energy development goals.

Earlier this year, the government launched the large scale solar (LSS5) large-scale solar program with a total of 2 GW renewable energy capacity, marking the largest solar project in history.

This initiative complements the National Energy Transformation Policy (NETR), which encompasses a variety of green energy developments such as energy efficiency, renewable energy zones, and green hydrogen, all aimed at reducing carbon emissions and achieving a low-carbon nation by 2040.

To further support the nation’s ambition of becoming a regional renewable energy hub, the government also plans to adopt a Third Party Access (TPA) mechanism and establish a renewable energy trading center.

These initiatives will enable the export of cross-border renewable energy and accelerate the energy transition in Southeast Asia.

GreenRock Energy’s determination to participate in Malaysia’s large-scale solar project demonstrates its ambition to expand into international markets and its strong capabilities in the renewable energy sector.

Despite the complexity and intense competition of local green energy policies, GreenRock is confident that its collaboration with Solarvest will overcome these challenges through their combined expertise and technological advantages.

GreenRock Energy also sees Malaysia as a strategic gateway to expanding its green energy footprint across Southeast Asia.

Recognizing Malaysia’s supportive government policies and the region’s growing demand for renewable energy, the firm will leverage its collaborations with local companies and governments to strengthen its regional technical and project management capabilities.

GreenRock Energy is also optimistic about Malaysia’s green energy prospects and is committed to “leading the energy revolution in creating a low-carbon future.”

Solarvest is Malaysia’s public listed solar company by its market value.

As of March 2024, the firm has achieved 1.2 GW of project track record regionally, with 440 megawatt (MW) of projects under construction and 348 MW of solar assets.

Solarvest provides comprehensive services, including solar development, design, applications, construction, operation, maintenance, and asset management.

Besides Malaysia, the firm has actively developed renewable energy businesses in six other Asian countries including Taiwan, Singapore, the Philippines, Vietnam, Thailand, and Indonesia.

In Taiwan specifically, Solarvest is collaborating with GreenRock Energy on large-scale agrivoltaic and aquavoltaic projects, targeting a total of 500 MW projects.

Malaysia’s Gentari appoints Solarvest to install solar power systems at over 300 Petronas stations across Malaysia