Gagasan Solar partners Fabulous Sunview to invest in commercial, industrial solar asset
03 Jun 2022
Malaysia’s first Securities Commission-regulated solar fund Gagasan Solar has inked a Memorandum of Understanding (MoU) with Fabulous Sunview Sdn Bhd to deploy RM200 million into its targeted commercial and industrial solar asset segment.
The collaboration would see Gagasan Solar as Sunview’s investment partner for its commercial and industrial clients.
Gagasan Solar founder and managing partner Joshep Lee said the current solar industry is skewed towards larger and multinational companies, often resulting in small and medium enterprises (SMEs) and smaller companies receiving the short end of the stick despite their interest in adopting solar-powered solutions.
“Gagasan Solar’s goal is to bridge this gap in Malaysia’s solar industry and we are confident that this partnership with Sunview will greatly accelerate this process,” he said in a statement today.
The collaboration would not only strengthen the product offerings and market access of both firms but also increase the availability of solar energy for SMEs, a hitherto underserved segment, and all the financial and Environment, Social and Governance benefits that solar energy promises.
Sunview is one of Malaysia’s leading solar engineering, procurement, construction, and commissioning services company.
The net installed capacity of renewable energy in the country is expected to reach 18,000 MegaWatt by 2035, more than a tenfold increase compared to 2020.
Furthermore, Malaysia plans to gradually retire seven of the 13 Gigawatt of coal-fired generation by 2033, marking the end of coal power plants’ 25-year power purchase agreement.