In a statement today, the clean energy company said the partnership, part of the Corporate Green Power Programme (CGPP), will facilitate the development of a 45 MWp solar farm in Pekan, Pahang.
“CGPP is an initiative introduced by the government to provide opportunities for business entities to participate in the promotion and use of renewable energy in their business operation.
“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,” Solarvest said.
The solar farm project is estimated to be completed by the end of 2025 and is anticipated to contribute nearly 60,000 Renewable Energy Certificates (RECs) to the market.
“These RECs will help corporate consumers meet their sustainability objectives and reduce their carbon footprints,” it said.
Solarvest executive director and group CEO Davis Chong said the demand for RECs is increasing in Malaysia, driven by investments in data centres and the semiconductor industry.
He said many companies have set ambitious sustainability goals, including net-zero carbon emissions, however, limited roof space can make fulfilling net-zero commitments challenging.
Research showed that an additional 12GW of installed renewable energy capacity will be needed for domestic demand by 2050, on top of the existing 4GW.
Chong said the CGPP allows solar investors like P Solar to contribute and build the required renewable energy infrastructures.
“Solarvest has assisted clean energy investors and partners in bidding for around 443.4 MWp of CGPP.
“The group is currently actively pitching EPCC opportunities with potential revenue of over RM714 million,” he said.
In a filing with Bursa Malaysia, Solarvest said the EPCC contract is expected to contribute positively to its net assets and earnings per share and its group of companies for the financial year ending March 31, 2025, and until the project’s completion.
At the close of trading, Solarvest’s share price was up by two sen or 1.27% at RM1.59, giving the group a market capitalisation of RM1.12 billion.