CEO Morning Brief

Solarvest, GreenRock to Develop 1GW Green Energy Projects in Taiwan, Malaysia

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Publish date: Tue, 25 Jun 2024, 10:57 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (June 24): Solarvest Holdings Bhd (KL:SLVEST) has partnered with Taiwanese renewable energy (RE) player GreenRock Energy to develop one-gigawatt (GW) green energy projects in Taiwan and Malaysia, in the next five years.

Through this collaboration, GreenRock Energy aims to accelerate its regional expansion by harnessing Solarvest’s expertise in Malaysia and the Southeast Asia market amid heightened demand for RE, according to Solarvest in a statement.

GreenRock Energy recognised Malaysia's potential in this regard, which aligns with the government's ambitious target of achieving 40% green energy by 2035, the statement read.

“To secure a competitive market advantage, GreenRock Energy has now become the first Taiwanese company to participate in a Malaysian government green energy project.

“GreenRock Energy's determination to participate in Malaysia's large-scale solar project demonstrates its ambition to expand into international markets and its strong capabilities in the RE sector. Despite the complexity and intense competition of local green energy policies, GreenRock is confident that its collaboration with Solarvest will overcome these challenges through their combined expertise and technological advantages,” the statement read.

“GreenRock Energy is optimistic about Malaysia's green energy prospects, and is committed to leading the energy revolution in creating a low-carbon future,” it added.

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

As of March, Solarvest had achieved a 1.2GW project track record regionally, with 440MW of projects under construction and 348MW of solar assets.

Besides Malaysia, Solarvest has actively developed RE businesses in six other Asian countries, including Taiwan, Singapore, the Philippines, Vietnam, Thailand and Indonesia.

Shares in Solarvest were unchanged at RM1.56 at Monday's market close, valuing the group at RM1.08 billion.

Source: TheEdge - 25 Jun 2024

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