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Progressture Solar Sdn Bhd Plans To Invest RM200 Million In Renewable Energy In 2 Years


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Progressture Solar Sdn Bhd has plans to invest RM200m in renewable energy assets over the next 24 months for expanding its regional commercial and industrial and to continue to expand energy management solutions for its potential and existing clients.

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Cliff Siaw Sze Hau, co-founder and chief executive officer, said that Malaysia holds a promising future in renewable energy adoption. Clean energy adoption is key to PSSB’s growth. This has been possible thanks to the government’s commitment to renewable energy and carbon-neutral targets.

“Solar photovoltaics like many new technologies may still be rare in Malaysia. However, all buildings will soon have solar panels installed once climate mitigation policies have been implemented.

“Public and private awareness about renewable energy is growing in relation to sustainability issues.

We also see a growing number of Malaysian businesses and individuals switching to solar energy because it is cheaper.

He said that tax benefits like the Green Investment Tax Allowance allow businesses to realize their return on investments in three years rather than ten years.

He also mentioned that solar power is growing in Malaysia. The Malaysian market for solar energy will register a compound annual growth rate of over 9% between 2022-2027.

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According to the Sustainable Energy Development Authority’s Malaysia Renewable Energy Roadmap, (MyRER), Malaysia’s share of RE is still below the regional and global averages.

RE in Malaysia accounted for 23% of the country’s installed power capacity at the end of 2020.

Saw stated that the new carbon tax and carbon market will be implemented. “Our efforts to promote solar PV installations not only fulfill a shared vision of carbon neutrality but also prepare businesses for the future opportunities in the renewable energy transition.”

“We have already achieved a 15% market share in the solar industry, as part of the initial phase of our growth journey.

Saw stated that “with dedication and perseverance we are confident we can enhance and further propel business scalability for solar and other renewable energy solutions,”

He stated that while we do not currently have plans to tender for projects from the government, it is still possible. This will help us achieve our common goal of increasing nationwide RE adoption.

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Ng Yew Weng, co-founder and chief operating officer of PSSB, answered questions about growth and demand. He said that PSSB is responding to the growing demand for renewable energy and expanding its energy solutions portfolio under the Energyverse in order to assist clients on their way to net zero.

“Through Energyverse we focus on seven core solutions: energy generation, energy purchase agreements, leasing, energy efficiency storage, renewable energy certificates, carbon credit trading and EV charging.

“We are increasing our capabilities in energy efficiency and management systems enabled via the artificial Internet of Things (AIoT), to help our C&I customers further reduce their energy consumption. Ng stated that this would be part of the energy automation solution.

“We recently increased the size of our team in Malaysia’s northern, central, and southern regions to assist more businesses in adopting renewable energy. Ng stated that plans are in place to expand our business footprints in East Malaysia.

He stated that PSSB has come to understand that organisations have had to adopt a tighter budget in order to transition into renewable energy.

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“Therefore, we offer an energy leasing solution – a zero-capital-expenditure solar financing program. Ng explained that it is a long-term agreement between PSSB (the prospective customer) to sell and buy electricity generated by the solar PV system.

He stated that there is a solid expansion plan to expand the company’s portfolio of renewable energy assets, including solar farms, and hydropower plants, and this will fuel PSSB’s continued growth.

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