Malaysian clean energy company Solarvest Holdings Berhad has secured a MYR 113 million ($25.87 million) engineering, procurement, construction, and commissioning (EPCC) contract to construct a solar farm from P Solar Sdn Bhd.
This partnership, part of the Corporate Green Power Program (CGPP), will facilitate the development of a 45 MWp solar farm in Mukim Pekan, Pahang, Solarvest said in a statement on Tuesday.
Upon completion, the solar farm is expected to generate approximately 57,500 MWh of clean energy annually, which is equivalent to offsetting around 36,800 tons of carbon dioxide (CO2) emissions.
Scheduled for completion by the end of 2025, the solar farm project is anticipated to contribute nearly 60,000 Renewable Energy Certificates (RECs) to the market.
These RECs will help corporate consumers meet their sustainability objectives and reduce their carbon footprints.
The solar farm, spread over 88 acres of repurposed land near the coast, is designed with monsoon-resistant features and incorporates top-tier panels and inverters.
In the subsequent phase, both companies are actively exploring the adoption of Battery Energy Storage Systems to enhance the solar farm’s performance and ensure a reliable supply of renewable energy.
“The development of this CGPP solar farm aligns perfectly with our goal of contributing to Malaysia’s National Energy Transition Roadmap (NETR),” said Ahmad Puzi Bin ABD Wahab, Director of P Solar Sdn Bhd.
According to him, the investment will facilitate the generation of additional clean energy and green attributions for the market, fulfilling corporate consumers’ needs for clean energy access and supporting their environmental, social, and governance (ESG) commitments.
“Through the issuance of RECs, companies can substantiate their use of renewable energy and demonstrate compliance with international sustainability standards,” he added.
Davis Chong Chun Shiong, Executive Director and Group Chief Executive Officer of Solarvest, said the demand for RECs are increasing in Malaysia, driven by investments in data centers and the semiconductor industry.
“Many companies have set ambitious sustainability goals, including achieving net-zero carbon emissions,
“However, limited roof space can make fulfilling net-zero commitments challenging,” he noted.
He also said that research showed an additional 12GW will be needed for domestic demand by 2050 on top of the existing 4 GW of installed renewable energy capacity.
“The CGPP allows solar investor like P Solar to contribute and build the required renewables energy infrastructure,” he added.
To recap, Solarvest Holdings Berhad as an experience solar project developer has successfully assist clean energy investors and partners to bid around 443.4 MWp of CGPP.
The group is currently actively pitching the EPCC opportunities with a potential revenue if over 714 million.
On top of the current collaboration, both companies are exploring collaboration under the latest Corporate Renewable Energy Supply Scheme (CRESS) to generate more clean energy, helping corporate customers achieve Malaysia’s national renewable energy target of 40% capacity by 2050, said the statement.
Solarvest is a clean energy expert with a multi-national presence across Asia-Pacific in seven countries.
The Malaysia-founded company started as a one-stop solar photovoltaic system solution provider for residential, commercial & industrial, and utility-scale solar farms.
Today, the firm has accumulated renewable energy portfolio of over 1,200MW (on-going and completed).
The company is currently venturing into other clean energy solutions including, among others, hydrogen, battery storage, data center, energy efficiency, low-carbon mobility, and renewable energy certificates.
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