Kuala Lumpur, 25 September 2023 – Clean energy expert, Solarvest Holdings Berhad (“Solarvest” or the “Group”), via its wholly-owned subsidiary, Solarvest (Vietnam) Co. Limited, has successfully secured a total of 11 rooftop solar photovoltaic (“PV”) installation projects in Vietnam, with a combined capacity of 12.8 megawatt-peak (“MWp”).
Solarvest 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. The Group is collaborating with a renowned local partner that will deliver engineering, procurement, construction, and commissioning (“EPCC”) services for these projects.
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.
Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “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.”
“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”). 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, Vietnam’s Ministry of Industry and Trade (“MoIT”) recently introduced a mechanism to incentivise 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. Given the focus on solar and wind energy within PDP8, where solar and wind energy are projected to account for approximately 34% and 27%, respectively of the 500 GW installed capacity, we are actively exploring wind energy projects alongside our 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,” Mr. Davis added.
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