Petaling Jaya, Malaysia, 3 September 2024 – Malaysia largest clean energy company, Solarvest Holdings Berhad (“Solarvest”) has secured a RM 113 million Engineering, Procurement, Construction, and Commissioning (EPCC) contract from P Solar Sdn Bhd.
This partnership, part of the Corporate Green Power Programme (CGPP), will facilitate the development of a 45 MWp solar farm in Mukim Pekan, Pahang. 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 tonnes of 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.
Tuan Haji Ahmad Puzi Bin ABD Wahab, Director of P Solar Sdn Bhd said: “Thank you for the support from State Government of Pahang and Perbadanan Kemajuan Negeri Pahang. We are excited to kickstart the project in collaboration with the most trusted solar EPCC company in Malaysia, Solarvest. The development of this CGPP solar farm aligns perfectly with our goal of contributing to Malaysia’s National Energy Transition Roadmap (NETR). Our 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.”
Mr Davis Chong Chun Shiong, Executive Director and Group CEO 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. Research shows 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.”
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, and 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.