Plus Solar sees revenue at RM150mil in 2020


  • Corporate News
  • Thursday, 26 Dec 2019

Chief executive officer and co-founder Ko Chuan Zhen expressed his confidence on hitting the mark based on the company’s performance in the first eight months of FY20, with revenue growing to nearly RM100 million.(File pic shows KO receiving a certificate of recognition for the category of SME Advocate from Star Media Group Bhd chief business officer Lydia Wang at the SOBA 10th Anniversary Celebration on Nov 5, 2019 at New World Petaling Jaya Hotel. - FAIHAN GHANI/The Star.)

KUALA LUMPUR: Solar installation company Plus Solar Systems Sdn Bhd (+SOLAR) expects to achieve its revenue target of RM150 million for the financial year ending March 2020 (FY20), driven by solid demand from domestic companies.

Chief executive officer and co-founder Ko Chuan Zhen expressed his confidence on hitting the mark based on the company’s performance in the first eight months of FY20, with revenue growing to nearly RM100 million.

"Indeed, there have been many milestones for us this year, including two solar farms built under the the second-round large-scale solar (LSS2) scheme that we are going to commission by end of 2019, which means we will be running two projects concurrently.

"We have also installed photovoltaic (PV) solar panels in numerous commercial building projects, from factories to shopping malls. They included IOI Acidchem, Asadi, Mah Sing Plastics and Spritzer factories, and Toppen and IKEA Batu Kawan shopping malls, ” he told Bernama.

Ko said this brought the number of +SOLAR’s installations to-date to 103 commercial buildings.

As of today, the company has assisted over 700 buildings in making the switch to clean energy. With a project track record of over 125MWp, it has helped in lowering the nation’s level of carbon emissions by 107,570 tonnes of carbon dioxide annually to ensure that the vision of sustainability for Malaysia will materialise.

Humble beginnings

The company started out as a solar consultancy firm called Leaf Energy back in 2011, with an investment of RM100,000 and revenue of RM130,000 that year.

However, in 2013, Ko and fellow co-founders, Ryan Oh Zhi Kang and Poh Tyng Huei, decided to expand their scope beyond consultancy work.

Towards this end, the company was reborn as Plus Solar Systems Sdn Bhd a year later. Becoming a total energy solutions firm providing engineering, procurement, construction and commissioning (EPCC) services led to its revenue growing tenfold to RM1.46 million.

+SOLAR, headquartered in Bukit Jalil, Kuala Lumpur, opened a Perak branch this year in a strategic move to cater to the high demand for PV energy in the state, particularly in the industrial and commercial sectors.

"Having this branch enhances our efficiency when responding to queries from the state while also improving the quality of our services. We are looking to continue this trend and open other state branches in the future, ” Ko said, adding that revenue was projected to grow by at least 20 per cent in 2020.

U-Solar Partnership

In October 2019, +SOLAR forged a partnership with United Overseas Bank (UOB) for the U-Solar programme to enable higher accessibility to renewable energy (RE) for Malaysians. Under the programme, UOB is offering a suite of financial solutions to support the solar power value chain.

Ko said the partnership was not only meant to benefit business owners who were interested in installing solar PV systems, but also to gear the nation towards meeting the target of 20 per cent RE in its power generation mix by 2025.

"We are working with other banks as well. We are in the midst of finalising some of these partnerships.

"Among the banks which we have been working with over the past two years are HSBC, AmBank, Hong Leong Bank, OCBC and Public Bank, ” he disclosed.

Overseas Expansion

The company currently undertakes solar project developments only in Malaysia.

However, +SOLAR plans to venture into neighbouring countries such as Vietnam, Cambodia and Myanmar, following the government support for solar energy, Ko said, adding that these countries had demonstrated solid policies around solar.

"According to a Wood Mackenzie Power & Renewables report, the global solar PV market is projected to increase to 125GW per year by 2020, and we want to lead within this segment as much as possible.

"Besides, with the extension of the Green Investment Tax Allowance and Green Income Tax Exemption to year 2023 in the 2020 Budget, more businesses will be encouraged to instal solar PV panels on their rooftops, enabling us to provide our personalised service.

"We foresee that this will drive up demand and keep us busy. Naturally, this will gear us towards business expansion and we are excited to see this happen, ” he added. - Bernama

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