Malaysia-based Solarvest Holdings Berhad and HSS Engineering Sdn Bhd (HSS), together with their Japanese partner Shizen Malaysia Sdn Bhd, have announced that its utility-scale solar project under SM01 Sdn Bhd has received approval for the Green Investment Tax Allowance (GITA) incentive from the Malaysian Investment Development Authority (MIDA).
This milestone marks a significant step in Malaysia’s drive to promote sustainable investments and showcases international collaboration in developing clean energy infrastructure, the trio said in a statement on Wednesday.
The Green Investment Tax Allowance (GITA), a strategic initiative by the Malaysian government, aims to promote investments in green technology.
With the approval of this incentive, the 29.99MWac solar photovoltaic (PV) project in Kedah is expected to benefit from enhanced financial returns and improved project viability.
SM01 is a Corporate Green Power Program (CGPP) project jointly owned by Shizen Malaysia Sdn Bhd (49 percent), Solarvest Asset Management Sdn Bhd, a subsidiary of Solarvest Holdings Berhad (33 percent), and HSS Engineering Sdn Bhd (18 percent).
Shizen Malaysia, a subsidiary of Shizen Energy Inc., is a leading renewable energy company from Japan, renowned for its expertise in solar and wind development across Asia.
The collaboration with Shizen highlights Solarvest’s commitment to fostering cross-border partnerships that bring world-class innovation and environmental stewardship to Malaysia.
“This incentive boosts the financial sustainability of the SM01 project and demonstrates the value of international collaboration, particularly with our esteemed Japanese partner, Shizen,
“As we accelerate our involvement as a renewable energy infrastructure developer, we remain focused on delivering impactful, reliable, and commercially viable clean energy projects in Malaysia by leveraging international partnerships and innovation-driven solutions，” said Davis Chong Chun Shiong, Executive Director and Group Chief Executive Officer of Solarvest.
Meanwhile, Sivasuriyamoorthy Sundara Raja, Deputy Chief Executive Officer, Investment Promotion and Facilitation of MIDA, said this partnership exemplifies Malaysia’s commitment to sustainable development and our position as a prime destination for green investments in the region.
“The SM01 project aligns perfectly with our National Energy Transition Roadmap, demonstrating how international collaboration can accelerate our journey towards a low-carbon future,
“MIDA remains dedicated to facilitating such high-impact green initiatives that not only contribute to environmental sustainability but also drive economic growth and technological advancement in Malaysia’s renewable energy sector,” he added.
Reza Ikram, Chief Executive Officer of Shizen Malaysia Sdn. Bhd., said Malaysia’s stable economic environment and supportive government policies create a conducive landscape for renewable energy investments.
According to him, the GITA incentive is an enabler that enhances investor confidence by improving return potential.
“Our collaboration with renowned Malaysian local partners such as Solarvest and HSS further reinforces our trust in Malaysia’s green investment ecosystem,” he said.
He noted that as a Japanese renewable energy developer and investor, the firm’s focus is on delivering affordable and reliable clean energy to corporate off takers by financing large-scale clean energy projects.
“This collaboration represents a meaningful step forward in strengthening Japan–Malaysia cooperation in renewable energy through strategic international partnerships,” he added.
Kuna Sittampalam, Executive Vice Chairman cum Acting Group Chief Executive Officer of HSS Engineers Berhad, said that as an engineering and project management partner, the firm is committed to advancing high-impact infrastructure that supports Malaysia’s sustainable development agenda.
“We look forward to continuing our collaboration with Solarvest and Shizen to deliver innovative and resilient renewable energy solutions for the future,” he added.