Solarvest Embarks on Strategic Expansion into Singapore and Brunei for Growth

Solarvest Holdings Berhad (Solarvest or the Group), an esteemed authority in clean energy, is embarking on a series of strategic initiatives to extend its presence into the promising markets of Singapore and Brunei. The primary goal is to capitalize on the surging demand for sustainable energy solutions in these regions.

One significant aspect of this expansion is the collaborative efforts with partners in Singapore. Together, they will work towards advancing the development of energy storage solutions (ESS) in solar energy systems, leading to improved energy stability and reliability. This joint endeavor reflects Solarvest’s commitment to innovation and its mission to provide cutting-edge solutions in the clean energy sector.

By seizing these opportunities and expanding into new territories, Solarvest aims to play a vital role in satisfying the increasing need for renewable energy solutions, contributing positively to the global shift towards a greener and more sustainable future.

Solarvest’s strategic expansion into the Singapore and Brunei markets has already yielded remarkable results. The company has successfully secured a total of nine commercial and industrial (C&I) rooftop solar photovoltaic (PV) installation projects, boasting an impressive combined capacity of nearly 4.0 megawatt-peak (MWp). This achievement solidifies the Group’s position as a key player in advancing clean energy solutions in both countries.

Notably, Solarvest’s ambitious plans don’t stop there. With a robust project tender book of 60.0 MWp for rooftop solar PV projects in Singapore and Brunei, the company is poised to further establish its strong market presence and contribute significantly to the region’s renewable energy landscape.

The outlook for clean energy in both countries is exceptionally promising. Singapore has set an ambitious target of reaching 2.0 GWp by 2030, while Brunei aims to achieve a solar energy target of 200.0 MWp by 2025. With Solarvest’s expertise and commitment to sustainable solutions, it is well-positioned to play a pivotal role in helping these nations achieve their renewable energy goals.

Solarvest Partners with Singapore Firms to Accelerate ESS Development in Solar Energy Systems

Solarvest is not only expanding its geographical reach but also actively promoting energy sustainability in the commercial and industrial (C&I) sectors through the advancement of energy storage solutions (ESS) within solar energy systems. To achieve this goal, Solarvest’s wholly owned subsidiary, Solarvest Energy Sdn Bhd (SESB), has formed a strategic collaboration with two esteemed Singapore-based companies: IDA Holdings Pte Ltd (IDA), a multi-faceted industrial consultant, and Acumon Capital Pte Ltd (Acumon), a multi-disciplinary real estate developer and manager.

The signing of a Memorandum of Understanding (MoU) between the parties took place at the AtoZero ASEAN of the International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM) 2023 Preview Event, co-organized by Constellar and the Malaysian Green Technology and Climate Change Corporation (MGTC). Key representatives, including Mr. Leon Liew, Chief Strategy Officer of Solarvest, Mr. Galvin Pang, Chief Financial Officer of IDA, and Mr. Thomas Tan, Executive Director of Acumon, signed the MoU, marking the beginning of this impactful partnership.

The main objective of the MoU is to facilitate the comprehensive development of clean energy projects in the C&I sector, focusing on investment management and land sourcing for ESS-integrated solar projects. Together, the collaborators will submit project proposals and undertake the development and execution of the secured projects.

The development of ESS-integrated solar projects will be empowered by leveraging cutting-edge lithium battery and hydrogen hybrid technologies. These innovations will optimize energy usage, efficiently manage peak demand, and ensure a stable and reliable power supply, further solidifying Solarvest’s commitment to providing sustainable energy solutions. This collaboration marks a significant step towards a greener and more sustainable future for the region’s energy landscape.

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 expanding geographical presence now spans across Taiwan, the Philippines, Vietnam, Indonesia, Thailand, Singapore, and Brunei. This strategic expansion places Solarvest in a favorable position to tap into new overseas income sources.

“As Solarvest continues its journey, we are proactively positioning the Group to capitalize on the growing demand for clean energy solutions through innovative and sustainable offerings. Our tripartite Memorandum of Understanding (MoU) with IDA and Acumon is a significant step towards driving the transition of the commercial and industrial (C&I) sector towards a low-carbon economy, aligning with the United Nations’ Sustainable Development Agenda. The development of Energy Storage Systems (ESS) in solar energy systems holds tremendous potential, enabling new opportunities for energy optimization and empowering businesses in their decarbonization journey with heightened energy security and reliability.”

“By combining Solarvest’s expertise in clean energy with IDA’s architectural prowess and Acumon’s financial support, we envision creating a comprehensive framework for deploying ESS in clean energy projects. This partnership represents a major advancement towards a more robust clean energy ecosystem, accelerating the adoption of green solutions among industrial players.”

Source: Solar Quarter