Kuala Lumpur, 4 February 2021 – Solar photovoltaic (“PV”) system specialist, Solarvest Holdings Berhad (“Solarvest” or the “Group”) signed two Memorandums of Understanding (“MOU”) with Huawei Technologies (Malaysia) Sdn. Bhd. (“Huawei”) and Sungrow Power Supply Co. Ltd. (“Sungrow”) respectively, to gear up for growth.
Solarvest expects the uptake and demand for solar energy to remain robust as businesses are intensifying its environmental, social and governance (“ESG”) efforts. The growing tide of sustainable investments further drives the need for corporate leaders to accelerate its adoption in renewable energy. With the roll out of LSS@Mentari and NEM 3.0 programme, injecting approximately 1,000 megawatts (“MW”) and 500 MW fresh new quotas in 2021, the solar industry is set to experience a busy year ahead.
Premised on that, Solarvest is ramping up its inventories and solutions to ride the solar boom. Under the MOUs, the Group will be committing to a cumulative order capacity of approximately 200MW of solar inverters from top tier global inverter suppliers, Huawei and Sungrow, to further boost its competitiveness and quality of its services.
Previously, Solarvest also subscribed to 200MW capacity of artificial intelligence (“AI”) powered energy management solutions for solar assets via its collaboration with Envision Digital International Pte Ltd (“Envision Digital”), a global green tech and Artificial Intelligence of Things (AIoT) technology leader. The integration of “edge-to-cloud” AIoT applications will improve Solarvest’s operational efficiencies and help to increase solar plant’s return on investment by suggesting methods to boost solar power generation by up to 15%.
Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “We believe it is timely for us to expand our inventories in view of the surge in solar energy demand. The new capacity will fuel and accelerate our speed to market as we are aggressively increasing our market share. Engaging with top tier industry players will drive us forward in the race and further enhance our proposition.”
“We have had a good year in 2020 especially in the Commercial and Industrial sector, where the take up rate was phenomenal. We managed to clinch approximately 100MWp of rooftop projects which boosted our market share significantly and strengthened our leading position in the local solar EPCC industry. This serves as a testimonial for us, and we believe the growth momentum will follow through in the NEM 3.0 programme with the increasing corporate participations.”
“In addition to that, we look forward to onboard more large-scale solar projects this year. We are confident that we are in good position for our EPCC and solar assets bids in the LSS@Mentari programme bolstered by our strong track record in LSS1 and LSS2. Considering all these promising prospects, we believe Solarvest is set for another breakthrough year in 2021,” he concluded.