Solarvest Holdings Berhad has signed five separate CGPAs in Malaysia. The agreements are in place with a Malaysian multi-asset exchange, two global semiconductor manufacturers, and a data-center service provider.
The deals were made through two joint ventures: one with Savelite Engineering Sdn. Bhd. and TNB Renewables Sdn. Bhd., and another solely with TNB Renewables Sdn. Bhd.
Under the CGPAs, Solarvest and its partners will own and develop two solar power plants in Lumut, Perak, and Kulim, Kedah – both in western Malaysia.
The projects will generate 59.98 MW, which consumers will collectively offtake for 21 years through a contract for difference mechanism at agreed pricing.
Malaysia’s corporate green power program (CGPP) allows corporations to procure renewable energy without installing solar panels on their premises. By participating in the scheme, corporate consumers can obtain Renewable Energy Certificates (RECs) to verify the origin of their renewable power.
Solarvest, along with its consortia, has been awarded a total export capacity of 90 MW under the CGPP.
“The CGPP marks a significant stride toward a more open and competitive energy market in Malaysia, driven by the principle of demand and supply,” said Davis Chong Chun Shiong, executive director and group CEO of Solarvest.
Earlier this year, Solarvest partnered with Taiwan’s GreenRock Energy to accelerate green energy development in both countries.
