Solarvest executive director and group chief executive officer Davis Chong Chun Shiong
PETALING JAYA: Solarvest Holdings Bhd
has bagged a RM113.29mil contract under the Corporate Green Power Program (CGPP), through its wholly-owned subsidiary, Atlantic Blue Sdn Bhd.
In a filing with Bursa Malaysia, the clean energy expert said the company was awarded the letter of award by P Solar Sdn Bhd in respect of design, engineering, procurement, construction and commissioning (EPCC) for the development of a 29.99 megawatts (MW) photovoltaic (PV) facility under the CGPP, located at Pekan, Pahang.
In a statement, Solarvest said the partnership will facilitate the development of a 45-megawatt peak solar farm in Mukim Pekan, Pahang. Upon completion, the solar farm is expected to generate approximately 57,500 MWh of clean energy annually, which is equivalent to offsetting around 36,800 tonnes of CO2 emissions.
The project has a contract duration of 18 months. However, Solarvest expects to complete it earlier, by the end of 2025.
Moreover, the solar farm project is anticipated to contribute nearly 60,000 renewable energy certificates (RECs) to the market.
In the subsequent phase, Solarvest said both companies are actively exploring the adoption of battery energy storage systems to enhance the solar farm's performance and ensure a reliable supply of renewable energy.
Solarvest executive director and group chief executive officer Davis Chong Chun Shiong said the demand for RECs are increasing in Malaysia, driven by investments in data centers and the semiconductor industry.
“Many companies have set ambitious sustainability goals, including achieving net-zero carbon emissions. However, limited roof space can make fulfilling net-zero commitments challenging.
“Research shows an additional 12 gigawatt (GW) will be needed for domestic demand by 2050 on top of the existing four GW of installed renewable energy capacity. The CGPP allows solar investors like P Solar to contribute and build the required renewables energy infrastructure,” he said.
Solarvest added that on top of the current collaboration, both companies are exploring collaboration under the latest Corporate Renewable Energy Supply Scheme to generate more clean energy.
The group expects this EPCC contract to contribute positively to its net assets and earnings per share for the financial year ending March 31, 2025 and onwards until the completion of the project.
P Solar Sdn Bhd is a 70% owned subsidiary of Malaysian Renewable Energy Group Sdn Bhd and is principally involved in operation of generation facilities that produce electric energy.
