In a statement today, Solarvest said these agreements were established through two joint ventures, namely between Savelite Engineering Sdn Bhd and TNB Renewables Sdn Bhd, and another solely with TNB Renewables.

Under these CGPAs, Solarvest and its partners, as the solar power producers (SPP), will assume ownership and development responsibilities for two solar power plants in Lumut, Perak and Kulim, Kedah.

It added that the signed CGPAs, each with a tenure of 21 years, will strengthen Solarvest’s recurring income stream from the sales of electricity generated by these solar power plants.

Meanwhile, Solarvest said the corporate consumers would collectively offtake a combined electricity capacity of 59.98 megawatts (MWac) from the solar power plant for 21 years, under contracts with different mechanisms at agreed pricing.

“By participating in the CGPP, the corporate consumers can obtain bundled Renewable Energy (RE) certificates, which verify that the electricity originates from RE resources, supporting their sustainability goals and commitments,” it said.

Solarvest executive director and group CEO Davis Chong Chun Shiong said the CGPP marked a significant stride towards a more open and competitive energy market in Malaysia, driven by the principle of supply and demand.

“The CGPP represents the government’s commitment to advancing the nation’s energy transition.

“Through a CGPA model, the CGPP offers corporations the opportunity to procure virtual renewable electricity, eliminating the necessity to install solar photovoltaic assets on their premises,” he said.