Solarvest rides on solar boom with 2 MoUs - MIDA | Malaysian Investment Development Authority
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Solarvest rides on solar boom with 2 MoUs

Solarvest rides on solar boom with 2 MoUs

05 Feb 2021

SolarvestHoldings Bhd has signed two memoranda of understanding (MoUs) in an aim to grow and ramp up its inventories and solutions to ride the solar power based generation boom.

In a statement yesterday, Solarvest inked MoUs with Huawei Technologies (M) Sdn Bhd and Sungrow Power Supply Co Ltd. Sungrow is a China-based company and will supply inverters to Solarvest while Huawei will serve the same purpose.

Solarvest will commit to a cumulative order capacity of 200MW of solar inverters to further boost its competitiveness and quality of its services.

Its group CEO Davis Chong Chun Shiong said it was timely for the group to expand its inventories due to the surge in solar energy demand.

“The new capacity will fuel and accelerate our speed to market as we are aggressively increasing our market share. Engaging with top tier industry players will drive us forward in the race and further enhance our proposition,” he said.

Solarvest expects the uptake and demand for solar energy to remain robust as businesses are intensifying its environmental, social and governance efforts.

Chong said Solarvest experienced a good year in 2020 as the commercial and industrial sector’s take-up was phenomenal.

“We managed to clinch 100MWp of rooftop projects last year, which boosted our market share signi- ficantly and strengthened our leading position in the local solar engineering, procurement, construction and commiossioning industry. We believe the growth momentum will follow through in the NEM 3.0 programme with the increasing corporate participations,” Chong said.

Prior to this, Solarvest subscribed to 200MW capacity of artificial intelligence-powered energy management solutions for solar assets via a collaboration with technology player, Envision Digital International Pte Ltd.

The integration of “edge-to-cloud” artificial Internet of Things applications is expected to improve Solarvest’s operational efficiencies and help to increase solar plant’s return on investment by suggesting methods to boost solar power generation by up to 15%.

Chong said Solarvest looks forward to onboarding more large-scale solar projects this year.

Source: The Malaysian Reserve