Solarvest Holdings Berhad, a leading clean energy expert, has achieved a significant milestone by securing 11 rooftop solar photovoltaic (PV) installation projects in Vietnam. These projects have a combined capacity of 12.8 megawatt-peak (MWp) and are set to play a pivotal role in advancing clean energy in the region.
Through its wholly-owned subsidiary, Solarvest (Vietnam) Co. Limited, the group is poised to be a key clean energy developer for these secured projects. Their involvement will encompass project development, financing procurement, and the provision of comprehensive operations and maintenance services. Solarvest has also teamed up with a reputable local partner, responsible for delivering engineering, procurement, construction, and commissioning (EPCC) services for these initiatives.
The move into the Vietnamese market aligns with Solarvest’s dedication to meet the surging demand for sustainable energy solutions. Presently, the company boasts a robust project tender book of 100 MWp in Vietnam, underscoring its commitment to fostering clean energy initiatives in the region.
Mr. Davis Chong Chun Shiong, Executive Director and Group Chief Executive Officer of Solarvest, expressed his satisfaction with the company’s overseas expansion efforts. He emphasized that this “expansion is well-aligned with their 5-year strategic roadmap. The addition of Vietnam to their overseas project portfolio, which now stands at 620 MWp, signifies a strong job pipeline for the group. It positions Solarvest favorably to capitalize on new opportunities for overseas income.”
“Vietnam’s clean energy market holds significant promise, primarily driven by its commitment to shift away from coal as outlined in the Vietnam Eight National Power Development Plan (“PDP8”). The plan sets ambitious goals for the country’s energy generation mix, aiming for renewables to account for a substantial portion of installed capacity by 2030 and beyond. To encourage rooftop solar power systems, Vietnam’s Ministry of Industry and Trade (“MoIT”) recently introduced incentives. Their vision includes equipping half of the country’s office and residential buildings with rooftop solar panels by 2030.”
“As part of their strategic expansion plan, Solarvest is extending its reach across the clean energy value chain for overseas projects. In addition to solar ventures, they are actively exploring wind energy projects in Vietnam. With the focus on solar and wind energy in PDP8, where these sources are projected to account for a significant portion of the installed capacity, Solarvest’s endeavors align with Vietnam’s clean energy goals. Furthermore, they are venturing into innovative sustainable solutions, including battery energy storage systems (BESS), to enhance energy supply reliability and efficiency within their Vietnam projects. These efforts aim to strengthen Solarvest’s position in both domestic and international clean energy markets.”
This strategic move positions Solarvest as a key player in Vietnam’s growing clean energy landscape, contributing to the country’s transition towards more sustainable energy sources.