Solarvest team up with Taiwan’s GreenRock Energy to advance green energy solutions - MIDA | Malaysian Investment Development Authority
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Solarvest team up with Taiwan’s GreenRock Energy to advance green energy solutions

Solarvest team up with Taiwan’s GreenRock Energy to advance green energy solutions

24 Jun 2024

Malaysia’s Solarvest, a company specialising in clean energy solutions, has partnered with GreenRock Energy, a Taiwanese firm focused on renewable energy, to expedite the advancement of green energy solutions in Taiwan and Malaysia.

The collaboration makes GreenRock Energy the first Taiwanese company to participate in Malaysian government green energy projects.

GreenRock Energy is entering the Malaysian renewable energy market with a goal of achieving 1GW (gigawatt) of renewable energy projects within the next five years.

This regional partnership enables both companies to access each other’s established markets and expertise to navigate the complexities in the region.

The Malaysian energy market is actively transforming to achieve green energy development goals. Earlier this year, the government launched the LSS5 large-scale solar programme with a total of 2GW renewable energy capacity, marking the largest solar project in history.

This initiative complements the National Energy Transformation Policy , which encompasses a variety of green energy developments such as energy efficiency, renewable energy zones, and green hydrogen, all aimed at reducing carbon emissions and achieving a low-carbon nation by 2040.

To further support the nation’s ambition of becoming a regional renewable energy hub, the government also plans to adopt a Third Party Access mechanism and establish a renewable energy trading centre.

These initiatives will enable the export of cross-border renewable energy and accelerate the energy transition in Southeast Asia.

Despite the complexity and intense competition of local green energy policies, GreenRock is confident that its collaboration with Solarvest will overcome these challenges through its combined expertise and technological advantages.

As of March 2024, Solarvest has achieved a 1.2GW project track record regionally, with 440MW of projects under construction and 348MW of solar assets, representing its leadership position and extensive experience in the region.

Solarvest provides comprehensive services, including solar development, design, applications, construction, operation, maintenance, and asset management. Besides Malaysia, Solarvest

has developed renewable energy businesses in six other Asian markets including Taiwan, Singapore, the Philippines, Vietnam, Thailand and Indonesia.

In Taiwan specifically, Solarvest is collaborating with GreenRock Energy on large-scale agrivoltaic and aquavoltaic projects, targeting a total of 500MW projects.

Source: The Sun