KUALA LUMPUR: Solarvest Holdings Bhd
has entered into a joint investment framework agreement with Brookfield CTF Asia Holdings Pte Limited for the proposed development of projects totalling at least 1,500MWp.
Broofield, founded in Canada, is a global alternative asset manager with more than US$1 trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. It is also one of the world’s largest investors in renewable power and transition assets.
According to Solarvest's filing with the stock exchange, the partnership may include the development of one or more projects, including a large scale hybrid solar photovoltaic power plant and battery energy storage system (BESS), a solar photovoltaic power plant or a standalone BESS under the relevant renewable energy programmes in Peninsular Malaysia.
Upon identification and approval of a project, the collaborators will incorporate a special purpose vehicle (SPV) to undertake the development, financing, construction, ownership and operation of the proposed project.
The SPV will be 51% owned by Solarvest with the remaining 49% equity held by Brookfield.
Solarvest will identify and present the proposed projects, and if approved, will attend to the development work.
Brookfield's role in the agreement is to assist the SPV in financing and procurement activities, and secure potential offtakers.
"With the financial strength of Brookfield, Solarvest will have the opportunities to jointly develop and co-own utility-scale RE projects, expanding its RE assets portfolio.
"In addition, Solarvest will have preferred rights to serve as the turnkey EPCC contractor for all projects being undertaken under this platform, increasing its potential EPCC order book," said Solarvest in the filing.
