Solarvest Holdings Berhad has entered into five separate Corporate Green Power Agreements (CGPAs) in Malaysia. These agreements have been signed with a Malaysian multi-asset exchange, two global semiconductor manufacturers, and a data center service provider.
The deals were facilitated through two joint ventures: one between Solarvest, Savelite Engineering Sdn. Bhd., and TNB Renewables Sdn. Bhd., and another exclusively with TNB Renewables Sdn. Bhd.
As part of the CGPAs, Solarvest and its partners will jointly develop and own two solar power plants located in Lumut, Perak, and Kulim, Kedah, both situated in western Malaysia.
These solar projects will generate a total capacity of 59.98 MW, with consumers collectively offtaking this energy over a 21-year period via a contract for difference (CfD) mechanism at predetermined pricing.
Malaysia’s Corporate Green Power Program (CGPP) enables corporations to purchase renewable energy without needing to install solar panels on their premises. By participating, corporate consumers can also obtain Renewable Energy Certificates (RECs), certifying the renewable origin of their energy supply.
Under the CGPP, Solarvest and its consortia have been awarded a total export capacity of 90 MW.
“The CGPP represents a major step toward a more open and competitive energy market in Malaysia, guided by supply and demand,” said Davis Chong Chun Shiong, executive director and group CEO of Solarvest.
Earlier this year, Solarvest also collaborated with Taiwan’s GreenRock Energy to accelerate green energy development in both Malaysia and Taiwan.
Patrick Jowett from PV-magazine.com