Solarvest Holdings Berhad has signed five separate CGPAs in Malaysia. The agreements are 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 jointly purchase over 21 years through a contract-for-difference mechanism at agreed prices.
The Malaysian Green Energy Program (CGPP) allows companies to purchase renewable energy without installing solar panels on their premises. By participating in the program, business consumers can obtain Renewable Energy Certificates (RECs) to verify the origin of their renewable energy.
Solarvest, together with its consortia, has been allocated a total export capacity of 90 MW under the CGPP.
“The CGPP marks an important step towards a more open and competitive energy market in Malaysia, driven by the principle of supply and demand,” said Davis Chong Chun Shiong, Executive Director and Group CEO of Solarvest.
Earlier this year, Solarvest partnered with Taiwan’s GreenRock Energy to accelerate the development of green energy in both countries.
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