KUALA LUMPUR (July 18): Renewable energy solutions provider Solarvest Holdings Bhd is partnering two Singapore companies to advance energy storage solutions or ESS development in solar energy systems, as it expands its geographical expansion to Singapore and Brunei to capitalise on the growing demand for sustainable energy solutions, given strong prospects in both the countries.

In a statement, it said its wholly owned Solarvest Energy Sdn Bhd (SESB) has entered into a memorandum of understanding (MOU) with Singapore’s multi-faceted industrial consultant IDA Holdings Pte Ltd (IDA) and Acumon Capital Pte Ltd (Acumon), 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.

It said 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 towards submitting project proposals as well as undertaking the development and execution of the secured projects. 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," said Solarvest.

According to Solarvest, Singapore has set its sights on reaching two gigawatt-peak (GWp) by 2030, while Brunei aims to achieve a solar energy target of 200 megawatt-peak (MWp) by 2025. The group has so far secured nine C&I rooftop solar photovoltaic (PV) installation projects across Singapore and Brunei, with a combined capacity of nearly 4MWp.

It now has a project tender book of 60MWp for rooftop solar PV projects in Singapore and Brunei.

“In line with the group’s five-year strategic roadmap, our expansion into the Singapore and Brunei markets represents a crucial step in strengthening our Asean market presence. With that, our total tender book for overseas projects currently stands at 720MWp, 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," said Solarvest chief executive officer Davis Chong Chun Shiong.

"In addition to offering EPCC (engineering, procurement, construction and commissioning) services, we are actively involved in project development, securing financing, and providing comprehensive operations and maintenance services,” he added.

The group is now present in Taiwan, the Philippines, Vietnam, Indonesia, Thailand, Singapore and Brunei. "This strategic expansion allows Solarvest to be well-positioned in tapping into new sources of overseas income," said Solarvest.

Solarvest shares closed two sen or 1.54% lower at RM1.28 on Tuesday (July 18), valuing the company at RM854.5 million.