KUALA LUMPUR: Solarvest Holdings Bhd via its wholly-owned subsidiary, Solarvest (Vietnam) Co Limited, has secured 11 rooftop solar photovoltaic (PV) installation projects in Vietnam, with a combined capacity of 12.8 megawatt-peak (MWp).
The clean energy expert, in a Bursa filing, said it is collaborating with a renowned local partner that will deliver engineering, procurement, construction, and commissioning (EPCC) services for these projects.
Solarvest currently has a project tender book of 100 MWp in Vietnam, demonstrating its dedication to the growth and development of clean energy initiatives in the region.
“We are delighted with the progress of our overseas expansion efforts, which is well-aligned with our 5-year strategic roadmap. Including Vietnam, our overseas project tender book now stands at 620 MWp,
indicating a strong job pipeline for the group. This strategic expansion positions Solarvest favorably to tap into new streams of overseas income,” executive director and group chief executive officer Davis Chong Chun Shiong said.
He said the prospects in Vietnam’s clean energy market are highly promising, with its commitment to transition away from coal as outlined in the Vietnam Eight National Power Development Plan (PDP8). The PDP8 establishes ambitious goals in the country’s energy generation mix, aiming for renewables installed capacity to reach 150 gigawatts (GW) by 2030 and 500 GW by 2050.
“Given the focus on solar and wind energy within PDP8, where solar and wind energy are projected to account for approximately 34% and 27%, respectively of the 500 GW installed capacity, we are actively exploring wind energy projects alongside our ongoing solar ventures in Vietnam.
“Furthermore, we are venturing into innovative sustainable solutions, including battery energy storage systems, to enhance energy supply reliability and efficiency within our Vietnam projects. These efforts are aimed at strengthening our foothold in both the domestic and international clean energy markets,” Chong said.