Malaysia’s Leading Clean Energy Specialist Solarvest - Steering The World to a Greener Future - MIDA | Malaysian Investment Development Authority
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Malaysia’s Leading Clean Energy Specialist Solarvest – Steering The World to a Greener Future

>Going Global Series>Malaysia’s Leading Clean Energy Specialist Solarvest – Steering The World to a Greener Future

Malaysia’s Leading Clean Energy Specialist Solarvest - Steering The World to a Greener Future

Solarvest is on a colossal quest to steer the world to a greener future. As a leading clean energy and the first pure solar engineering, procurement, construction, and commissioning (EPCC) company that is publicly listed on Bursa Malaysia, it is committed to the vision of creating a world generated by renewable energy.


From a humble beginning back in 2012, Solarvest was founded by four young and energetic visionaries who have built the company to what it is today. The company has expanded with steadfast growth and currently has one of the largest workforce in the industry of about 180 professionals ranging from business development executives to engineers.


Solarvest is a pioneer of the solar photovoltaic (PV) engineering, procurement and construction industry in Malaysia to install solar panels for residential properties. The company’s year on year growth has paved the way to become a leading solar turnkey EPCC provider with a market capitalisation of about RM909 million as at 26 August 2021 and is seeking to transfer its listing to the mainboard of Bursa Malaysia by Q4 2021. As the leader for clean energy, the company has been advocating solar energy adoption by helping investors build solar photovoltaic systems (solar PV) from scratch.


Since its inception, the company has installed a total of 400MWp solar-generated energy projects across residential, commercial and industrial properties, as well as governmentdriven large-scale solar (LSS) projects. Solarvest has completed solar PV projects in various industries such as oil and gas, semiconductor, automotive, steel and metal, healthcare, food and beverage, and agriculture.


The company has also assisted more than 1,000 rooftop owners in fulfilling their company’s sustainable goal and household owners in joining the net-zero movement. In 2020, the company completed the construction of Malaysia’s first large scale floating solar power plant.


The company has an impressive track record in winning Large-Scale Solar (LSS) tenders and targets to clinch approximately 300MW of EPCC projects in LSS@MenTARI programme (LSS4). Solarvest recently inked three large scale solar projects with a total capacity of 50MW in LSS4. The company is exploring opportunities to grow its asset management portfolio beyond the EPCC business to include solar farms and rooftop solar PV plants. The expansion to solar development is in line with the company’s transformation to be a full-fledged clean energy player that delivers a sustainable performance.


“Solarvest is now a step forward in transforming into a clean energy specialist with extended capabilities and offerings.

The company aims to move beyond its involvement in the installation phase to areas such as energy supply and green technology solutions, including consultations, insurance, operations and maintenance as well as financing. Essentially, we seek to become a more comprehensive outfit in the renewable energy space,” said Mr. Davis Chong, Group CEO of Solarvest Holdings Berhad.


Solarvest has also expanded its presence beyond the Malaysian shore. In 2020, the company entered the Philippines market and become the country’s second largest power distribution utility company, Vivant Energy Corporation. Following that success, the company aims to set up a wholly-owned subsidiary, Solarvest (Taiwan) Co Ltd in Taiwan and acquire a 51%-stake in a Taiwan-based solar EPCC, Tailai Energy Co Ltd. They have plans to develop a portfolio of 1GW solar assets in the next 5 years. Solarvest also has plans to venture into Vietnam which currently has the most solar panels installed among the Southeast Asian countries.


Driven by the mission to provide its clients the highest quality and value added turnkey solar energy solutions, Solarvest with its dedicated operations and maintenance (O&M) subsidiary, PowerTrack, is actively monitoring over 900 projects across the nation. Always wanting to take it a step further, Solarvest has also partnered with Envision Digital, a world leading greentech and Artificial Intelligence of Things (AIoT) technology company, to bring best-inclass technologies for renewable energy management to Malaysia.


Additionally, Solarvest is working with Anora Agency Sdn Bhd, the exclusive insurance provider of SolarPro solar PV insurance to provide coverage for its clients.


“The company’s partnership with Envision Digital is a game-changer for us, as we reinvent our business approach to stay ahead of the competition, ensure business sustainability, and attract more investors and consumers into the solar revolution,” added the Solarvest CEO.


Solarvest’s growth is attributed to the rising demand for renewable energy and sustainability goals among the public and private sectors. MIDA’s introduction of the Green Investment Tax Allowance (GITA) and Green Income Tax Exemption (GITE) incentives has certainly spurred solar investments such as Solarvest’sventures in Malaysia.


“We are thankful for the tremendous support received from the Government of Malaysia since our inception. We believe with more programme deployments, incentives, and tax exemptions by the Government, the renewable energy industry will continue its upward trajectory and create more job opportunities. As a leading solar specialist, we stay committed to playing our part in building a greener and sustainable tomorrow for Malaysia,” Mr. Davis Chong assured.


Solarvest’s growth prospects remain promising as shown by the sustained demand for green energy in Malaysia and other Southeast Asia countries. Even during the pandemic, renewable energy was the only energy source that recorded an increase in global demand in 2020. This represents the resilience of the clean energy sector. The outlook remains bright and the solar PV business will continue to play a vital role in driving the nation’s renewable energy goals.