Malaysia’s clean energy firm Solarvest Holdings Berhad has on last Friday announced that its consortium with Malakoff Corporation Berhad (Malakoff), Malakoff Silver Solar Sdn. Bhd. (MSSSB) has entered into a 21-year power purchase agreement (PPA) with Tenaga Nasional Berhad (TNB), for the development of a 470 MWac large-scale solar photovoltaic project under the LSS PETRA 5+ Program.

Solarvest said in a statement that the investment further strengthens the firm’s asset ownership portfolio, reinforcing its long-term asset growth strategy.

Under the PPA, MSSSB will design, construct, own, operate, and maintain the solar photovoltaic facility located at Windsor Estate in Larut and Matang, Perak Darul Ridzuan,
and generate recurring revenue through the sale of solar energy to TNB over the tenure of the PPA.

The project is scheduled commercial operation on first quarter of 2028.

MSSSB is a special purpose vehicle jointly owned by Solarvest and Malakoff with shareholdings of 20 percent and 80 percent, respectively.

“The signing of this 470MWac PPA with TNB marks a significant milestone in our strategic asset expansion,

“As a clean energy infrastructure developer and strategic investor, we are scaling our assets portfolio to strengthen the group’s recurring income base,” Solarvest’s Executive Director and Group Chief Executive Officer Davis Chong Chun Shiong said.

In partnership with Malakoff, he said the firm brings proven technical expertise, innovation and execution capabilities to ensure the successful delivery of this project, which is set to accelerate the growth of Malaysia’s renewable energy sector, enhance national energy security, and reinforce the country’s position as a leading clean energy hub in the region.

“We look forward to working closely with Malakoff to ensure successful execution and deliver lasting value for the nation,

“This project aligns with Malaysia’s renewable energy agenda and the National Energy Transition Roadmap (NETR), demonstrating our shared commitment to advancing the
country’s clean energy transition while supporting long-term sustainability and energy resilience,” he added.

Malaysia’s Solarvest secures $77.99M EPCC contract for solar project in Perak