Solarvest partners two S’pore firms to widen reach - MIDA | Malaysian Investment Development Authority
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Solarvest partners two S’pore firms to widen reach

Solarvest partners two S’pore firms to widen reach

19 Jul 2023

Clean energy firm Solarvest Holdings Bhd is tying up with two Singapore companies to advance energy storage solutions (ESS) development in solar energy systems.

In a statement yesterday, Solarvest said the collaboration is part of its strategic initiative to expand its geographical reach into the Singapore and Brunei markets to capitalise on the growing demand for sustainable energy solutions.

The company said its wholly-owned subsidiary, Solarvest Energy Sdn Bhd, had entered into a memorandum of understanding (MoU) with Singapore’s multi-faceted industrial consultant IDA Holdings Pte Ltd and Acumon Capital Pte Ltd, a multi-disciplinary real estate developer and manager, for the ESS development for enhanced energy stability and reliability to promote energy sustainability in the commercial and industrial (C&I) rooftop sector.

The MoU will facilitate the comprehensive development of clean energy projects in the C&I sector, including investment management and land sourcing for ESS-integrated solar projects.

“Collaborative efforts will be directed toward submitting project proposals as well as undertaking the development and execution of the secured projects,” said the company.

Solarvest said it had successfully secured a total of nine C&I rooftop solar photovoltaic (PV) installation projects across Singapore and Brunei, with a combined capacity of nearly four megawatt-peak (MWp).

Additionally, the group boasts a robust project tender book of 60 MWp for rooftop solar PV projects in Singapore and Brunei, positioning it to establish a strong market presence in advancing clean energy solutions in both countries.

“The prospects in both countries are highly promising, as Singapore has set its sights on reaching two gigawatt-peak by 2030, while Brunei aims to achieve a solar energy target of 200 MWp by 2025.”

Solarvest said the development of ESS-integrated solar projects involves leveraging lithium battery and hydrogen hybrid technologies to optimise energy usage, efficiently manage peak demand, and ensure a stable power supply.

In the same statement, Solarvest executive director and group chief executive officer Davis Chong Chun Shiong said the company’s expansion into the Singapore and Brunei markets represents a crucial step in strengthening its Asean market presence.

“With that, our total tender book for overseas projects currently stands at 720 MWp, indicating a strong job pipeline for the group. As part of our expansion strategy, we are progressing across the value chain as a holistic clean energy developer for selected overseas projects.

“In addition to offering engineering, procurement, construction and commissioning services, we are actively involved in project development, securing financing and providing comprehensive operations and maintenance services.”

Solarvest’s geographical footprint now includes Taiwan, the Philippines, Vietnam, Indonesia, Thailand, Singapore and Brunei Darussalam.

Source: The Star