Malaysia, 16 April 2025 – Solarvest Holdings Berhad (“Solarvest”) and HSS Engineering Sdn Bhd (“HSS”), together with its Japanese partner, Shizen Malaysia Sdn Bhd (“Shizen”), is proud to announce that its utility-scale solar project under SM01 Sdn Bhd (“SM01”) 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 official handover ceremony took place at the Malaysia Pavilion during Malaysia’s Investment, Trade and Industry (MITI) Week at Expo 2025 Osaka, Japan. The event was graced by the presence of YBhg. Datuk Bahria Mohd Tamil, Deputy Secretary General (Management & Investment) of MITI and Mr. Sivasuriyamoorthy Sundara Raja, Deputy Chief Executive Officer of Investment Promotion and Facilitation of MIDA.
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 Programme (CGPP) project jointly owned by Shizen Malaysia Sdn Bhd (49%), Solarvest Asset Management Sdn Bhd, a subsidiary of Solarvest Holdings Berhad (33%), and HSS Engineering Sdn Bhd (18%). 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.
Davis Chong Chun Shiong, Executive Director and Group Chief Executive Officer of Solarvest, said: “We are honoured to receive the GITA approval from MIDA, which underscores the government’s confidence in our capabilities and commitment to clean energy. 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.”
Sivasuriyamoorthy Sundara Raja, Deputy Chief Executive Officer, Investment Promotion and Facilitation of MIDA , shared his vision for the project, “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.”
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. 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. As a Japanese renewable energy developer and investor, our focus is on delivering affordable and reliable clean energy to corporate offtakers by financing large-scale clean energy projects. We are proud to partner with Solarvest and HSS in advancing sustainable energy solutions that support the environmental ambitions of both Malaysia and Japan. This collaboration represents a meaningful step forward in strengthening Japan–Malaysia cooperation in renewable energy through strategic international partnerships.”
Tan Sri Ir. Kuna Sittampalam, Executive Vice Chairman cum Acting Group Chief Executive Officer of HSS Engineers Berhad, said: “We are proud to be part of the project driving Malaysia’s key clean energy initiative. We welcome the government’s support in the form of the GITA incentive, which enhances the financial viability of the SM01 project. As an engineering and project management partner, HSS 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.”
Themed “Weaving a Future in Harmony”, the Malaysia Pavilion at Expo 2025 Osaka serves as a platform to showcase the country’s inclusive, innovative, and sustainable vision, while promoting its position as a regional hub and premier destination for trade and investment, especially in high-growth sectors such as sustainable green technology. This initiative reinforces the nation’s image as a competitive and future-ready investment destination on the global stage.