Malaysian clean energy firm Solarvest Holdings Berhad announced Friday that it has signed five Corporate Green Power Agreements (CGPAs) with a Malaysian multi-asset exchange, two global semiconductor manufacturers, and a leading global data center service provider.
Solarvest said these agreements are signed through two joint ventures one with Savelite Engineering Sdn. Bhd. and TNB Renewables, and one with TNB Renewables-only.
Solarvest and partners, as solar power producers (SPPs), will own and build two solar power facilities in Lumut, Perak and Kulim, Kedah, Malaysia, under these CGPAs.
The corporate users would offtake 59.98 megawatts (MW) of solar power plant electricity for 21 years using a contract for difference procedures and agreed pricing. The CGPP shows Malaysia’s commitment to energy transition.
Through a CGPA concept, the CGPP gives corporations virtual renewable electricity without installing solar photovoltaic assets.
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By joining the CGPP, corporate consumers can get bundled Renewable Energy Certificates (RECs) to prove their electricity comes from renewable sources and support their sustainability goals.
“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, We are honored to have earned the trust of these companies who are industry leaders in the financial services and technology sector as their decarbonization partner,” said Davis Chong Chun Shiong, Executive Director and Group Chief Executive Officer of Solarvest. 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,” he added.
According to the announcement, the signed 21-year CGPAs will boost Solarvest’s recurring income from solar power plant electricity sales.
Solarvest and its consortiums received 90 MW of CGPP export capacity from the Energy Commission of Malaysia.
“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,” said Amarjit Sandhu, Corporate Vice President, Assembly and Test NAND Operations of Micron Technology.
Along with the CGPP initiative, Solarvest is investigating a partnership with Micron to reach its zero-emission target and reducing its carbon footprint through the newly formed Corporate Renewable Energy Supply Scheme.
Solarvest stated open grid access and third-party access (TPA) allow it to serve Malaysian corporate clients with electricity via the national grid network.Clean energy company Solarvest operates in seven Asian-Pacific nations.
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The Malaysia-based company initially offered residential, commercial, industrial, and utility-scale solar photovoltaic system solutions. The company has over 1,200MW of renewable energy underway and completed.
Other clean energy alternatives the corporation is exploring include hydrogen, battery storage, data center, energy efficiency, low-carbon mobility, and renewable energy certificates.
