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Malaysian corporate off-take agreements to be pursued through two joint ventures
Solarvest has secured five separate corporate green power agreements (CGPAs) with a Malaysian multi-asset exchange, two global leading semiconductor manufacturers, and a leading global data centre service provider under the Corporate Green Power Programme (CGPP).
The deals will be 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 these CGPAs, Solarvest and partners, as the solar power producers, will undertake the ownership and development of two PV arrays located in Lumut, Perak and Kulim, Kedah. Meanwhile, the corporate consumers will collectively offtake a combined electricity capacity of 59.98MW generated from the solar power plant for 21 years, with a contract for difference mechanisms at an agreed pricing.
The CGPP represents the Malaysian government’s commitment to advancing the nation’s energy transition, said Solarvest. Through the model, the programme offers corporations the opportunity to procure virtual renewable electricity, eliminating the necessity to install solar assets on their premises.
By participating in the initiative, corporate consumers can obtain bundled Renewable Energy Certificates (REC), verifying the origin of electricity from renewable energy resources in supporting their sustainability goals and commitments.
“The CGPP marks a significant stride towards a more open and competitive energy market in Malaysia as driven by the principle of demand and supply,” said Solarvest executive director and group chief executive Davis Chong Chun Shiong.
He added: “We are honoured to have earned the trust of these companies who are industry leaders in the financial services and technology sector as their decarbonisation partner.
“Leveraging our established track record in developing utility-scale projects, we are confident in fulfilling our role as a solar power producer, providing our corporate consumers with sustainable energy solutions to advance their sustainability goals.”
The signed CGPAs, each with a tenure of 21 years, will strengthen Solarvest recurring income stream from the sales of electricity generated by these solar power plant, said the Malaysian developer.
Corporate vice president, assembly & test NAND operations, Micron Technology, Amarjit Sandhu said, “As memory and storage continue to fuel future technologies, our participation in the CGPP reinforces our commitment to building a greener and more sustainable future, while driving innovation in the semiconductor industry.
Micron continues to be a responsible Malaysian corporate stakeholder committed to the green energy and energy transition priorities set out in the National Energy Policy 2022-2040 and the National Energy Transition Roadmap.”
Director, group sustainability for Bursa Malaysia, Hezri Adnan added: “Sustainability plays an integral part of Bursa Malaysia’s agenda.
“We recognise our responsibility to influence capital market participants towards sustainable practices.
“We strive to lead by example, and will continue to actively mitigate our climate impact through various approaches.”
On top of the CGPP programme, Solarvest said it is actively exploring a potential collaboration with Micron to achieve its zero-emission goal, and explores ways to reduce its carbon footprint through the newly launched Corporate Renewable Energy Supply Scheme.
The open grid access concept and third-party access allows Solarvest to supply electricity to corporate clients in Malaysia via the national grid network. |
