Solarvest Advances Toyo Tyre’s RE100 Initiative with Largest Rooftop Solar PV System in Kamunting, Perak
- A 14MWp rooftop solar PV system to be installed at Toyo’s main buildings facilities, the largest of its kind in Kamunting, Perak.
- This allows TTM to offset 12,195 tonnes of carbon dioxide annually.
- The allowable capacity for solar PV systems under the NEM and SELCO programme has raised from 75% to 85% of maximum demand, which encourage more companies to adopt solar energy.
Kuala Lumpur, 28 August 2023 – Clean energy expert, Solarvest Holdings Berhad (“Solarvest” or the “Group”) has secured a new contract from Toyo Tyre Malaysia Sdn. Bhd. (“TTM”) to install a 14 megawatt-peak (“MWp”) rooftop solar photovoltaic (“PV”) system at its tyre manufacturing plant in Kamunting, Perak, the largest of its kind in the area.
Under the contract, the Group will undertake the engineering, procurement, construction, and commission (“EPCC”) works for the installation of solar PV system at the main buildings facilities covering a rooftop area of 96,000 square meters (“sqm”). With the expected generation of 14MWp of clean energy, it allows TTM to offset 12,195 tonnes of carbon dioxide annually.
Datuk Wira Arham Abdul Rahman, the Chief Executive Officer of Malaysian Investment Development Authority (“MIDA”), highlighted the strong dedication of TTM in maintaining sustainable operations. He emphasised, “As the world transitions to a low-carbon future and a greener economy, MIDA is taking steps to help businesses overcome the challenges and capture the opportunities on the green transition. We applaud TTM’s RE100 initiatives, which underscore their firm commitment to Environment, Social and Governance (“ESG”) principles within their corporate framework by collaborating with Solarvest to establish a rooftop solar PV system. This commitment aligns with our National Investment Aspirations (“NIA”) and the New Investment Policy “(NIP”), as well as the recently announced National Energy Transition Roadmap (“NETR”) which are crucial in nurturing sustainable growth and forging a greener future for Malaysia and rakyat.”
Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “We are delighted to have been chosen by TTM to undertake this project and appreciate the confidence they have placed in our technical expertise. With our knowledge and experience, we are confident in our ability to assist TTM in achieving optimal energy efficiency for the plant while ensuring timely project completion.”
“There is a growing interest in clean energy adoption, especially among commercial and industrial (“C&I”) players as corporate sustainability initiatives gain momentum and in anticipation of carbon pricing mechanisms. Our job pipeline remains strong with a tender book of approximately 2.2 gigawatts (“GW”) comprising large-scale power plants, C&I, and overseas projects. As a decarbonisation partner, Solarvest is committed to promoting energy transition through efficient renewable energy solutions and innovative green technologies” Mr. Davis concluded.
Following the Malaysian government’s commitment to encouraging energy efficiency and renewable energy transition, the allowable capacity for solar PV systems under the Net Energy Metering (“NEM”) and Self-Consumption for Solar PV Installation (“SelCo”) programmes had raised from 75% to 85% of maximum demand. TTM’s sustainability initiative is commendable as one of the first companies to adopt this new capacity limit, leading to the development of one of Perak’s largest rooftop solar PV systems.
About Malaysian Investment Development Authority
MIDA is the Government’s principal promotion agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube channel.
About Solarvest Holdings Berhad
Solarvest is a clean energy expert with a multi-national presence across Asia-Pacific. The Malaysia-based company started as a one-stop solar photovoltaic system solution provider for residential, commercial & industrial, and utility-scale solar farms. Today, Solarvest also owns renewable energy generation plants with a cumulative capacity of over 100MW (on-going and completed). The company is currently venturing into other clean energy solutions including, among others, energy efficiency, low-carbon mobility, and renewable energy certificates.
Solarvest is listed on the Main Market of Bursa Malaysia. For more information, log on to https://solarvest.my
Released on behalf of Solarvest Holdings Berhad by Capital Front Investor Relations
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