Kuala Lumpur, 18 July 2023 – Clean Energy expert, Solarvest Holdings Berhad (“Solarvest” or the “Group”) is embarking on strategic initiatives to expand its geographical reach into the Singapore and Brunei markets to capitalise on the growing demand for sustainable energy solutions. This includes a synergetic collaboration with Singapore partners to advance energy storage solutions (“ESS”) development in solar energy systems for enhanced energy stability and reliability.

Geographical Expansion into the Singapore and Brunei Markets

Solarvest has successfully secured a total of nine commercial and industrial (“C&I”) rooftop solar photovoltaic (“PV”) installation projects across Singapore and Brunei, with a combined capacity of nearly 4.0 megawatt-peak (“MWp”). In addition, the Group boasts a robust project tender book of 60.0 MWp for rooftop solar PV projects in Singapore and Brunei, positioning it to establish a strong market presence in advancing clean energy solutions in both countries.

The prospects in both countries are highly promising, as Singapore has set its sights on reaching 2.0 GWp by 2030, while Brunei aims to achieve a solar energy target of 200.0 MWp by 2025.

Collaboration with Singapore Partners to Advance ESS Development in Solar Energy Systems

Apart from geographical expansion, Solarvest is on track to promote energy sustainability in the C&I sectors, particularly the development of ESS within solar energy systems. With that, Solarvest’s wholly owned subsidiary, Solarvest Energy Sdn Bhd (“SESB”), has entered into a Memorandum of Understanding (“MoU”) with IDA Holdings Pte Ltd (“IDA”), an acclaimed Singapore-based multi-faceted industrial consultant, and Acumon Capital Pte Ltd (“Acumon”), a multi-disciplinary real estate developer and manager.

The signing of the MoU was held at the AtoZero ASEAN of the International Greentech & Eco Products Exhibition and Conference Malaysia (“IGEM”) 2023 Preview Event, which was co-organized by Constellar and the Malaysian Green Technology and Climate Change Corporation (“MGTC”). The MoU was signed by Mr. Leon Liew, Chief Strategy Officer of Solarvest, Mr. Galvin Pang, Chief Financial Officer of IDA, as well as Mr. Thomas Tan, Executive Director of Acumon.

The MoU will facilitate the comprehensive development of clean energy projects in the C&I sector, including investment management and land sourcing for ESS-integrated solar projects. Collaborative efforts will be directed toward submitting project proposals as well as undertaking the development and execution of the secured projects.

The development of ESS-integrated solar projects involves leveraging lithium battery and hydrogen hybrid technologies to optimise energy usage, efficiently manage peak demand, and ensure a stable power supply.

Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “In line with the Group’s 5-Year Strategic Roadmap, our expansion into the Singapore and Brunei markets represents a crucial step in strengthening our ASEAN market presence. With that, our total tender book for overseas projects currently stands at 720.0 MWp, indicating a strong job pipeline for the Group. As part of our expansion strategy, we are progressing across the value chain as a holistic clean energy developer for selected overseas projects. In addition to offering EPCC services, we are actively involved in project development, securing financing, and providing comprehensive operations and maintenance services.”

Solarvest’s geographical footprint now includes Taiwan, the Philippines, Vietnam, Indonesia, Thailand, Singapore, and Brunei. This strategic expansion allows Solarvest to be well-positioned in tapping into new sources of overseas income.

“As Solarvest forges ahead, we are strategically positioning the Group to capitalise on the ongoing shift toward clean energy by venturing into innovative sustainable offerings. Through the tripartite MoU with IDA and Acumon, we aim to drive the C&I sector’s transition toward a low-carbon economy in line with the United Nations’ Sustainable Development Agenda. The development of ESS in solar energy systems is exciting, as it unlocks new possibilities for energy optimisation, thereby empowering businesses’ decarbonisation journey with enhanced energy security and reliability.”

“By integrating Solarvest’s clean energy capabilities with IDA’s architectural expertise and Acumon’s financial support, we are looking forward to creating a comprehensive framework for the deployment of ESS in clean energy projects. This partnership represents an advancement towards a more robust clean energy ecosystem, accelerating the adoption of green solutions among industrial players.”

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