Solarvest has signed five Corporate Green Power Agreements (CGPAs) with a range of high-profile corporate clients, including a Malaysian multi-asset exchange, two global semiconductor manufacturers, and a leading data center service provider. These deals are part of Malaysia's Corporate Green Power Programme (CGPP), underscoring the country's commitment to advancing its energy transition.
The agreements will be executed 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 partnerships, Solarvest and its partners will own and develop two photovoltaic (PV) arrays located in Lumut, Perak, and Kulim, Kedah. These solar power plants will generate a combined electricity capacity of 59.98 MW, which will be supplied to the corporate consumers over a 21-year period using a contract-for-difference mechanism at agreed pricing.
The CGPP initiative enables corporations to procure renewable energy without the need to install solar infrastructure on their premises. This is achieved through virtual power purchase agreements that include bundled Renewable Energy Certificates (RECs), allowing the companies to verify the renewable origin of the electricity and support their sustainability objectives.
Davis Chong Chun Shiong, Solarvest's Executive Director and Group CEO, emphasized the importance of the CGPP in fostering a more competitive energy market in Malaysia. He expressed confidence in Solarvest's ability to deliver sustainable energy solutions to its corporate clients, given the company's established track record in developing utility-scale projects.
The signed CGPAs are expected to enhance Solarvest's recurring income stream from the sale of electricity generated by these solar power plants, contributing to the company's long-term financial stability.
Micron Technology, one of the semiconductor manufacturers involved, highlighted the agreement as part of its commitment to sustainability and alignment with Malaysia's National Energy Policy 2022-2040 and the National Energy Transition Roadmap. Similarly, Bursa Malaysia's Group Sustainability Director, Hezri Adnan, noted that the exchange's participation in the CGPP reflects its commitment to leading by example in promoting sustainable practices within the capital market.
Beyond the CGPP, Solarvest is exploring further collaborations with Micron to achieve the company's zero-emission goals. The developer is also considering additional opportunities through the newly launched Corporate Renewable Energy Supply Scheme, which allows for open grid access and third-party electricity supply to corporate clients via Malaysia's national grid network.
