Kuala Lumpur, 24 March 2022 – NEFIN Group has today appointed clean Energy specialist, Solarvest Holdings Berhad (“Solarvest”) as the engineering, procurement, construction, and commissioning (“EPCC”) solutions provider for a rooftop solar photovoltaic (“PV”) project involving 12 stores and 1 fresh distribution centre of a renowned hypermarket chain, Lotus’s Malaysia, with an estimated cumulative capacity of 7.98 megawatts-peak (“MWp”).

In 2021, Solarvest was engaged by NE Suria Satu Sdn Bhd (“NESS”), a joint-venture company of PETRONAS and NEFIN Group to complete the first phase of the project where it installed solar PV panels at 15 hypermarkets (then known as Tesco) across Peninsular Malaysia. With the new addition, Lotus’s Malaysia will have a total of 27 solar-powered outlets – the most among hypermarket brands in Malaysia.

Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “We are pleased to be reappointed for phase 2 of this monumental rooftop project. Having worked with NEFIN Group on a few other occasions, including the first phase of this project, we are confident that this collaboration will once again produce top-notch results. The repeat contract is a testament to both our quality workmanship and ability to deliver innovative solutions in the solar PV EPCC space. As Malaysia work towards its carbon neutral goal by 2050, we continue to expect conducive policies towards renewable energy to get as many parties involved, as quickly as possible. Thus, the market potential remains huge for clean energy players like NEFIN Group and Solarvest. To which, we look forward to many more fruitful collaborations to come.”

Globally, retail giants have been moving towards renewable energy adoption at an accelerating pace. RE100, a non-profit global corporate renewable energy initiative, has welcomed an increasing number of retail giants such as AEON Co., Decathlon, H&M, and so on to join its pledge for 100% renewable electricity. Neighbouring countries such as the Philippines, Singapore, Thailand, and Vietnam have seen a surge in solar-powered shopping malls and hypermarkets.

President of Lotus’s Malaysia, Mr. Kenneth Chuah commented, “Operating as a responsible business is high on our agenda. Installing solar PV panels on the rooftops of our stores and distribution centre is a step forward for us both in utilizing green energy and reducing our impact on the environment. Ultimately our goal is to build a strong foundation for sustainable living for the benefit of people today and the generations to come.”

With electricity costs accounting for a big part of hypermarkets’ operating expenses, solar energy is a cheaper alternative as it protects them against electricity rate hikes. Further, the installation of a 7.98 MWp solar PV system could effectively offset about 6,633 tonnes of carbon emissions annually, which is equivalent to planting around 301,000 trees.

NEFIN Group’s Head of Business Development and Managing Director (Malaysia), Mr. Chong Bor Hung shared, “We are very happy to collaborate with Solarvest once again and delighted to see an increasing number of big retail brands committing themselves to 100% renewable electricity. With more corporates integrating sustainability into their business strategies, we believe the next generation of retail stores will be powered by solar energy. This installation will bring practical cost-saving benefits to Lotus’s Malaysia. Given its huge operational footprint across the country, it is set to enjoy substantial long-term savings in their electricity bill.”

Barring any unforeseen circumstances, the commercial operations date (“COD”) of the project shall be achieved by 31 July 2022.

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