Solarvest Support Fight Against COVID-19

Solarvest Support Fight Against COVID-19

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Solarvest Holdings Berhad has pledged to donate 1 million medical gloves worth approximately RM150,000 through the Supermax Foundation to support Malaysian authorities in combating the Covid-19 pandemic.

Group CEO of Solarvest, Mr. Davis Chong said, “As many brave frontliners are relentlessly fighting against the global pandemic, we would like to help ease some of the pressure faced by the healthcare frontliners as supplies of medical items are depleting. Our thoughts continue to be with the victims of Covid-19 and their families as well as frontline healthcare professionals during this difficult period.”

“At Solarvest, we stand in solidarity with the communities we serve, in good and bad times. We believe everyone has a role to play in this battle. Together, let’s do our collective part in combating this unprecedented situation,” he concluded.

Founder of Supermax Corporation Berhad, Datuk Seri Stanley Thai said, “We welcome more corporates such as Solarvest to come forward to support our quest to save lives and minimize the widespread of the Covid-19 outbreak. The nitrile powder-free medical gloves will be distributed to the Malaysian government hospitals, police stations and the healthcare industry’s first responders with the help of National Disaster Management Agency of Malaysia (NADMA) to ensure timely delivery.”

For further information on “MalaysiaBebasCovid19” campaign, the public can be directed to  info@supermax.com.my or browse through the news article here.

Thank you Bernama for featuring us and the news article can be found here.

 

Switching to solar power for different application

How Does The Green Investment Tax Allowance (GITA) Work?

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On October 25, 2013, the Green Technology Tax Incentive for the purchase and use of green technology was announced in Malaysia with great anticipation. This was definitely good news for the solar industry in Malaysia.

Today, the Malaysian government is still encouraging the purchasing of green technology equipment and assets, such as LED lighting, solar panels, wind energy, and electric vehicles using an Investment Tax Allowance (ITA). Moreover, an Income Tax Exemption (ITE) for green technology service providers, such as solar companies in Malaysia has also been introduced.

These are the three groups under the Green Technology Tax Incentive:

  1. Assets (GITA)
  2. Projects (GITA)
  3. Service providers (under Green Income Tax Exemption (GITE))

The main benefits of these tax incentives are:

  • To encourage investment in green technology on a project basis either for business or own consumption.
  • To motivate companies in acquiring green technology assets
  • To enhance the number of green technology service providers

 

New Green Incentives by mida

What Are Green Investment Tax Allowance (GITA) Assets?

The Green Investment Tax Allowance (GITA) assets are for companies that obtained qualifying green technology assets. To take advantage of this tax allowance, companies should comply with all the following requirements:

  • The companies in Malaysia should minimize the deterioration of the environment or reduce greenhouse emissions.
  • They should focus on promoting health and improvement of the environment.
  • They need to conserve the use of energy, water and other forms of natural resources, or promote the use of renewable energy, or recyclable waste material resources.

 

What is The Rate of Incentive?

  • GITA of 100% of qualifying capital expenditure incurred on approved green technology assets from the date of purchase until 31 December 2020.
  • The allowance can be offset against 70% of statutory income in the year of assessment.
  • Unutilized allowances can be carried forward until they are fully absorbed.

 

What Is The Green Investment Tax Allowance (GITA) Project?

GITA Projects are for companies that undertake a qualifying green technology. Companies should comply with all of the following requirements:

  • Minimize the degradation of the environment or reduce greenhouse emission
  • Promote health and improvement of the environment
  • Conserve the use of energy, water and/or other forms of natural resources, or promote the use of renewable energy, or recyclable waste material resources
  • The application should be received by MIDA by 31 December 2020.

 

What Are The Green Income Tax Exemption (GITE) Services?

The GITE is applicable for qualifying green technology service providers listed under the MyHIJAU Directory.

Green investment tax GITA

Qualifying Activities To Be Approved For The Tax Exemptions

There are two qualifying activities:

1. Renewable Energy – Energy from a source that is not depleted when used, such as:

  • Solar Power
  • Biomass
  • Biogas
  • Mini Hydro
  • Geothermal

2. Energy Efficiency – Companies that reduce the amount of energy required to provide products and services, and invest in energy-efficient equipment or technology.

It is important to understand that the solar industry in Malaysia is producing 67 per cent of the 270MVH or renewable energy right now. Companies are installing more solar panel systems in Malaysia every day to take advantage of this green technology, save money and conserve the environment.

The solar power in Malaysia has all the elements for higher growth given the excellent conditions in the country. According to SEDA, the target for renewable energy generation is 2,080 MW or 11% by 2020 and 4,000 MW by 2030. The incentive will certainly add momentum to the adoption of green technology around the country.

Last but not least, the benefits of the use of solar energy are simply amazing because:

  • Solar power is pollution-free and causes no greenhouse gases to be emitted after installation.
  • Reduced dependence on foreign oil and fossil fuels
  • Clean power that is available every day of the year, especially in a tropical country such as Malaysia, where even cloudy days produces power.

For more information and latest news about solar energy, visit our website. 

Research Collaboration for Better Innovation in Solar

Solarvest and Three Local Universities Establish a Collaboration for Better Innovation in Solar

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“If you want to go fast, go alone. If you want to go far, go together.” a quote significantly explains why Solarvest decides to hop on this opportunity and work together with three local universities, namely Universiti Tunku Abdul Rahman, Universiti Teknologi MARA, and the University of Malaya on a research programme to find out practical improvement for the design of solar system in Malaysia.

An MoU has been signed between Yoon Tien Ming, the lead of team Solarvest and Ir. Prof. Dr. Ewe Hong Tat, the President and CEO of UTAR for the mutual goals of this research project.

The research collaboration is half-funded by the Public-Private Research Network (PPRN) programme, which is an initiative by the Ministry of Higher Education to encourage joint efforts of the academics and the industry players for technology innovations, while another half is supported by Solarvest Holdings Berhad.

It is worth mentioning that the research is participated by many field experts, such as the lead researcher, Prof Ir Dr. Ong Kok Seng from Faculty of Engineering and Green Technology (UTAR Kampar) and other researchers such as Ir Ts Dr. Baljit Singh (UiTM Shah Alam), Dr. Zainoor Hailmee bin Solihin (UiTM Shah Alam) and Dr. Sajad Naghavi (UM).

Ultimately, the findings of this research will be picked-up and implemented in the system design of Solarvest’s projects.

“Many ideas grow better when transplanted into one another’s mind than to think alone. Working together with the intellectuals from the academic field brings in a lot of ingenious ideas that can elevate our engineering value to a new level. We are definitely looking forward to more collaborations like this.” said Yoon.

Solar power in the fields

Using Solar Power For Agriculture

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Climate change is a troubling issue for mankind in this century. Each day, the earth’s temperature rises, thanks to the greenhouse gases several sectors emit, including the amount of fossil fuel they use up. On the other hand, warmer temperature also comes with its effects, such as floods, droughts, and early frost.

With the above-mentioned environmental concern, solar energy appears to be our saving grace. If you’ve observed quite well, you will notice that all sectors are trying to dump the use of the many eco-unfriendly fossil fuels and adopt the use of renewable energy in solar power system.

One of those sectors is the agriculture sector. The agriculture sector can benefit a lot from the use of this clean form of energy. Due to the increasing population of the world, the need for agricultural produce is on the rise as well.

 

The use of solar energy in agriculture

 

Solar power at the helm of daily functions

Solar energy can come in handy in several ways; this form of energy can be used for solar irrigation; it can likewise be used to pump water for livestock and crops. There is a huge need to design or probably re-designs buildings in such a way that they become able to trap heat that is present during the day time when everywhere is heated up.

Some livestock needs a frequent supply of fresh air to remain in the best health condition. Systems that can power coolers and other types of such boxes can be designed to avoid wasting money on electricity bills.

There is a cost-effective approach to achieving this, and it is by asking whoever is in charge of designing your building to design the structure of the building in a way that it optimizes the sunlight that it gets.

With the aid of solar water heaters purchased from a solar company in Malaysia, you can provide hot water for the cleaning of your cattle and pen. You can also use the warm water from these solar water heaters to warm and stimulate cows’ udders. Sunlight emanating from the sun can be used to power homes and agriculture houses with the aid of solar panel systems.

Solar power for agriculture

 

The use of solar energy in drying up crops and grains

During the traditional air-drying, a huge number of agricultural produce is damaged. With the aid of the solar drying method, this agricultural produce can be dried faster and at an even rate rather than leaving them outside where they become prone to birds, insects, and worms.

Perishable goods are often very hard to dry, and a huge proportion of these goods end up being damaged. With the use of solar drying, you can dry perishable goods without the fear of it getting damaged. This will reduce the number of damaged crops and would lead to an increase in profit on the part of the farmer.

Solar dryers come in diverse types, such as direct drying (solar box dryer), indirect drying (solar cabinet dryer), mixed-mode drying (solar tunnel dryer), or hybrid drying (hybrid solar/ biomass cabinet dryer).

Solar power in the gardens

 

Benefits of using solar energy for agriculture

The irregularity in the supply of electricity has led to several losses on the part of the farmers. There are lots of benefits attached to the use of solar energy, and below are a few of these benefits.

 

Very cheaper compared to fossil fuel

On farms that take up an extensive area of land, the use of solar energy will be quite less expensive compared to when using fossil fuels to provide energy for the large farm. Of course, the installation of these solar panels will be quite expensive, but when installed, you will enjoy its use without paying a dime.

Solar power for farming

 

An advanced approach

Unlike other sectors, the agriculture sector is quite slow to adopt technological benefits that come with the advancement of technology. By using this form of energy to power certain agricultural activities, the agriculture sector proves that they are open to more technological advancement.

With the increase in the use of solar energy to run certain agricultural activities, businesses and researchers will be forced to provide farmers with more technologically equipped tools.

solar panels for agriculture and farming

 

Takeaways

Farmers have found themselves embroiled in the issue regarding global warming since climate change affects the agricultural produce. As the world population increases, the need for food would skyrocket as well. With the aid of solar power in the agriculture sector, we can check climate change and combat the problem effectively.

solar panel at garden

Why You Should Switch To Solar Power

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Solar energy is the power provided by the sun. It is the technology that turns sunlight directly into electricity.

Many in Malaysia and around the world are installing solar panel systems to benefit from this clean, renewable energy power. According to Energy, Science, Technology, Environment and Climate Change Minister, Ms Yeo Bee Yin, Malaysia can produce 1.4 times more electricity if all the roofs in Peninsular Malaysia are covered with solar panels.

Sadly, at present, only 2% of Malaysia’s electricity is produced by renewable energy sources as the country’s energy production is still dependent on limited fossil fuel resources such as oil, coal or natural gas.

Here are the main benefits of going solar.

 

1. Renewable Energy Source

The main benefit of using solar panel systems is that it is a renewable energy source. It can be used in all areas of Malaysia and it is accessible every day.

The best thing about solar power is that it is infinite, unlike some of the other sources of energy. Solar power will always be available.

switch to solar power: Renewable energy

 

2. Eco-friendly

Solar power in Malaysia represents a clean green source of energy. If you want to reduce your carbon footprint, the best way is by installing a solar panel system on your roof. It is important to understand that solar energy does not pollute the environment.

The only resources solar power needs are the sun and a source of clean water to function.

switch to solar power: Eco friendly

 

3. Home Investment

Installing a solar panel system in your home will add value to your house because it saves money from your utility bills each month. If you decide to sell your property one day, you can ask for a better price thanks to this investment.

Recent studies by solar companies in Malaysia showed that buyers are willing to pay RM62,000 extra for a home with an average-sized solar panel system. The appreciation of property value is due to the money the new house owner can save on energy in the future.

switch to solar power: home investment

 

4. Helps You Manage Your Expenses

Another clear benefit of having a solar panel system is that you can be protected against rising energy costs. You should know that residential electricity prices rise approximately three percent annually. So when you invest in solar panels for your home, you are making sure your finances are not affected by the increase in electricity costs.

Remember, solar power in Malaysia helps you better estimate and manage your expenses, making it a great alternative for homeowners and businesses.

economic growth

 

5. Diverse Applications

Solar energy can be used for different purposes. For example, you can produce electricity with photovoltaics or heat with solar thermal.

Solar thermal technology just converts sunlight into heating solutions. This is different from photovoltaic solar panels, which directly convert the sun’s radiation into electricity.

A great benefit of using this type of energy is that solar panels suppliers in Malaysia can install them in areas without access to the energy grid.

Switching to solar power for different application

 

6. Economic Growth

Malaysia’s economy can achieve better with solar power. When there is a higher demand for this clean energy, more companies will be needed to install solar panels. As a result, there will be additional jobs for experienced workers, keeping the economy growing.

increase economical growth

 

7. Free Source of Energy

As mentioned, the sun provides us with more power than we could ever use, and no one can own and monopolize the sunlight.

solar energy

 

The Bottom Line

As you can see, solar power in Malaysia has many benefits and you should take advantage of this technology as soon as possible.

Solar power will help you save money from the moment they are turned on, and you will be able to see the best visible advantages in the long run. The longer you have your solar power system, the more you enjoy the benefits of this technology and support the environment.

 

Stay clean, go solar.

 

solar panels on roof

Solar Panel Loans and Incentives for Homeowners in Malaysia

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If you are considering investing in a solar panel system to lower electricity bills, you are on the right track. However, as you may already know, they can be expensive.

The good news is that in Malaysia, the government and utility companies such as Tenaga Nasional Berhad offer programs and incentives for switching to solar power systems.

All of these programs and incentives were created for solar panel manufacturers, and users who use solar energy in Malaysia.

Solar Energy Incentives

1. Feed-in Tariff

Since 2011, Feed-in Tariff is available in Malaysia to increase investment in renewable energy sources.

So, what exactly is Feed-in Tariff?

Malaysia’s Feed-in Tariff system grants you the opportunity to sell your energy produced using solar system to the utility grid (TNB) at a premium rate.

And the great thing about it is that it guarantees investment returns as the government offers long-term agreement up to 21 years wherein you will be paid an amount for the energy you generated.

So the next question is, who can apply the feed-in tariff?

Anyone, including private investors, business owners, homeowners or farmers.

Feed in Tariff and SEDA logo

2. Tax Exemption

Green Income Tax Exemption – GITE (Services)

For Renewable Energy, Energy Efficiency, Green Building, Green Data Centre, Green Township, Certification/Verification Bodies and Electric Vehicles (EV), tax exemption is applicable for 100% of statutory income from the year of assessment where the date of application received by MIDA until the year 2023.

Companies undertaking solar leasing activities will enjoy a 70% income tax exemption of up to 10 years.

Eligibility

Green Income Tax Exemption given to qualifying companies which provides green technology services which have been verified by GreenTech Malaysia and been listed under the MyHIJAU Directory.

For a company which undertakes green technology services activities, the company must meet the criteria of green technology service providers as follows:

  • At least one competent/qualified personnel in the respective green technology;
  • Must have a green policy related to the environmental or sustainability; and
  • 100% income must be derived from the respective green technology services.

Note :
• Competent personnel are defined as holding a certificate of competency as a service provider in the related field of green technology. The certificate must be recognised by the Government or a Professional Body in Malaysia.
• Green Policy is a statement about the commitment to sustainability and environment management by the company.

The application must be submitted to MIDA before 31 December 2020.

Full guidelines can refer to https://www.myhijau.my/wp-content/uploads/2019/05/Guidelines-for-Green-Technology-Tax-Incentive-Rev.1-March-2019.pdf

Green Investment Tax Allowance – GITA (Project)

The following — Renewable Energy, Energy Efficiency, Green Building, Green Data Centre and Integrated Waste Management Activity — will be eligible to GITA Investment Tax Allowance (GITA) of 100% of qualifying capital expenditure (QCE) incurred from the date of application received by MIDA until the year 2023.

Eligibility

Companies which undertakes a qualifying green technology project and complying ALL of the following criteria:-

  • minimise the degradation of the environment or reduce greenhouse emission;
  • promotes health and improvement of environment; and
  • conserves the use of energy, water and/or other forms of natural resources or promote the use of renewable energy or able to recycle waste material resources.

Applicable for applications received by MIDA between 25 October 2013 to 31 December 2020.
Projects must obtain a Conditional Approval Letter from MIDA.

Full guidelines can refer to https://www.myhijau.my/wp-content/uploads/2019/05/Guidelines-for-Green-Technology-Tax-Incentive-Rev.1-March-2019.pdf

solar farm

Solar Panels Loans

Solar panels can be expensive but they are worth it. Many homeowners use personal loans to buy solar panels for their homes. Besides personal loans, there are other options you should take into consideration to see if they are a better deal for you.

1. Lenders

As having a solar panel system in Malaysia can be considered a part of home improvement, some lenders are willing to offer a solar loan to raise the value of the property.

2. Home Equity Line Of Credit

Here you use your home to secure a line of credit. The best way to use it is by borrowing only what you need to install your solar panel system, repay it, and you can borrow again later if you need to.

3. Home Equity Loan

With this type of loan, you use the value of your home as collateral. In most cases, you can borrow 100% of your equity up to 80% of the appraised value of your home.

4. Saving

If you are planning to buy a new solar panel system, the best way to do it is by using your own savings. While saving for your future home, factor in the investment you need to install a solar system. With this, repayment is not necessary, and you will receive the incentives free and clear.

 

Takeaways

Keep in mind, that there are many options to choose from, if you are looking to buy and install a solar panel system in your home, including taking out a personal loan or paying cash. Expect to see immediate returns on your investment by saving money on your utility bills.

Before making any decision, make sure to check out all the options available to find the best rates and loan terms. It is important to compare the personal loans available from all lenders, including those offered by solar panel Malaysia suppliers.

*Looking for international solar loans that offer solar panel financing? Check this article from Lendedu.

hitting the renewable energy target

Hitting Renewable Energy Target in Malaysia

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The Energy, Science, Technology, Environment and Climate Change Ministry in Malaysia has set a goal to generate 20 percent of electricity from renewables by 2030.

To achieve this target, Malaysia needs a total investment of RM33 billion, according to Yeo Bee Yin, the Minister of Energy, Science Technology, Environment and Climate Change.

Yeo indicated that investments would be given by the government, and through public-private partnerships and private financing. She added that it is important to make sure the natural grid is prepared to provide for this renewable energy generation mix, and study the policies to meet its target.

“The Securities Commission has already done a six-month study on green financing; it had formed the financing taskforce (for this purpose).

It reported on 21 action items to facilitate the RM33 billion investment in RE and the government will look at all the action items and implement them accordingly,” she told the press after officiating the inaugural 5-In-1 Power and Energy Asia Series exhibition.

For years, the Malaysian government has implemented incentives to grow the use of renewable energy. The current incentives are the Green Technology Financing Scheme and the Green Investment Tax Allowance.

The minister also commented that the third round of large-scale solar (LSS3), which ended in August 2019, saw the cost of generating per kilowatt-hour from solar energy lower than energy generation from natural gas sources.

But why does solar energy generation cost lower?

Yeo Bee Yin

Well, according to Yeo, it was because of the development of high-technology solar panels that had permitted the project to be bid at a cost as low as 17.77 sen per kilowatt per-hour.
In fact, LSS3 projects were impending for Malaysians in an attempt to give more affordable, reliable and sustainable electricity to all people.

It is amazing that in Malaysia, solar energy is cheaper than the cost of gas production. And it is expected that the cost could go down further for renewable energy. For example, in the LSS3 bidding, which has just finished, the first four projects surrounded 365 Megawatts out of 500 Megawatts were actually below the gas-production price of 23.22 sen per kilowatt.

In the second round of LSS bidding, 32 sen per kilowatt was the lowest price. This price was the reference price when the bidding for LSS3 kick-started this year. The lowest bid was at 17.77 sen per kilowatt when the bidding exercise was closed.

As pointed out by Yeo, it was a 45 percent reduction in just a couple of years. She is confident that renewable energy prices will reach consistency with that of gas soon. In addition, Malaysia will continue to work on other types of renewable energy to successfully reach parity with or below the gas-production cost.

 

Benefits of Renewable Energy

It is important to hit the renewable energy target in Malaysia as there are many economic and environmental benefits, such as:

  • Producing energy that generates no greenhouse gas emissions from fossil fuels and decreases air pollution
  • Having a diverse energy supply, like solar power in Malaysia reduces dependence on imported fuels
  • Renewable energy projects create economic development and jobs in manufacturing, installation and more, which is great for Malaysia
  • Providing energy to many users at a lower cost.

solar panels

In a Nutshell

The Malaysian government places great importance on the early adoption of renewable energy to help the industry to become more competitive, and to supply electricity not only to Malaysia but also overseas projects.

Finally, once the renewable energy target is hit, there would be more jobs and wealth creation opportunities.

“I believe the government is there to make sure everyone has a fair chance in life. Hence, depoliticizing the electricity supply industry takes a long time. After three years, I do not think it will be a final product”.

“That’s why RE is more than just being green; it is to make your tariff much more predictable, of which our electricity right now is hugely dependent on the global fuel price,” said Yeo.

SOLARVESTxUOB

Solarvest & UOB Teaming Up to Promote Solar Energy

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Solar photovoltaic (“PV”) system specialist, Solarvest Holdings Berhad (“Solarvest” or the “Group”) and United Overseas Bank (Malaysia) Berhad (“UOB”) are teaming up for an upcoming collaboration to encourage the use of green energy, in particular solar photovoltaic (“PV”), amongst the commercial, industrial and residential segments.

Announcing this at the 10th International Greentech & Eco Products Exhibition & Conference Malaysia (“iGEM 2019”), Solarvest and UOB will enter into a formal partnership to create more awareness campaigns and nationwide roadshows to promote the benefits of green energy, in particular solar photovoltaic (“PV”).

In addition, the collaboration will also look into developing customized financing solutions that cater to various user segments.

Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “At Solarvest, we offer end-to-end solutions of solar PV systems from design all the way to installation and maintenance. This provides our customers with a seamless process to start using solar PV energy. By teaming up with UOB to provide customized financing solutions, this will further encourage the use of solar PV energy as the initial investment cost is reduced.”

YB Yep signed Solar Panel representing SolarvestxUOB

Solarvest and UOB had previously worked together in July 2019 to jointly sponsor an event organized by Malaysian Investment Development Authority (“MIDA”) in Kuantan, Pahang which attracted close to 100 attendees. At the event, MIDA’s Green Technology Division provided policy updates and incentives available for those interested in green energy.

Recently, UOB also partnered with Solarvest for series of roadshows such as the Malaysian Photovoltaic Industry Association’s National Solar Roadshow held in Johor Bahru in September 2019 to educate and encourage the uptake of solar PV installations on commercial and industrial rooftops.

“This is one of the many strategic plans we have in our pipeline as we strive to fill the gaps in the industry. We will continue to explore for more partnership opportunities to drive adoption of solar energy and be at the forefront of this growing industry,” he added.

These initiatives are aimed to support the Malaysian Government’s goal of achieving 20 percent electricity generation from renewable energy sources by 2025.

Source: https://bit.ly/2IQHNSW

Solarvest-ProspectusLaunch

Solarvest to Raise RM34.6 million from IPO

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Solar photovoltaic system specialist, Solarvest Holdings Berhad (“Solarvest” or the “Group”), has successfully launched its prospectus in conjunction with its initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).

The launching ceremony was graced by YB Yeo Bee Yin, Minister of Energy, Science, Technology, Environment and Climate Change (“MESTECC”) with Dr. Chen Wei-Nee, Chief Strategy Officer of SEDA Malaysia in attendance.

Solarvest specialises in turnkey engineering, procurement, construction and commissioning (“EPCC”) services for solar photovoltaic (“solar PV”) systems. The Group has completed solar PV systems for Large Scale Solar Photovoltaic (“LSSPV”) plants as well as residential, commercial and industrial properties.

Its services cover the entire process of a solar PV project from the initial site study and assessment, design and procurement of components and modules, to system installation and commissioning. The Group also provides operations and maintenance services of solar PV systems.

Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “The event symbolizes a significant milestone for Solarvest as we en route to list on the local bourse. It is an opportune time for the Group to stay at the forefront to reap the promising growth of the renewable energy industry and emergence of new market opportunities.”

Earlier in his speech, Davis said that the Malaysian solar sector is experiencing an expansionary phase and there are increasing levels of interest in solar. The take-up rates of the Net Energy Metering programme and Large-Scale Solar PV (“LSSPV”) programme have seen encouraging growth amongst commercial and industrial users as well as large investors.

The outlook of the solar industry is further enhanced by the strong support from the local government, whereby various policies and programmes were implemented to accelerate investment shifts towards renewable energy.

According to Independent Market Researcher, Protégé Associates Sdn Bhd, the total solar PV installed capacity in Malaysia is set to grow at a compound annual growth rate of 50% during the period of 2018 to 2023, he added.

“The upward growth trajectory of the renewable energy industry in Malaysia will undoubtedly provide Solarvest new growth opportunities, especially in the LSSPV segments. In addition to that, all solar contractors for engineering, construction and commissioning of Large-Scale Solar 3 (LSS 3) projects are now required to be 100% local. Malaysian solar contractors, including Solarvest, stand poised to benefit from this positive development,” he further added.

The Group is optimistic that the listing exercise will position Solarvest to better harness the rising market opportunities in the solar sector, as well as enabling it to gain access into the capital markets for its future growth.

Solarvest will be raising approximately RM34.6 million from its IPO, of which RM19.2 million or 55.5% will be utilised for the Group’s working capital for daily operations and future projects.

RM3.0 million or 8.7% will be for its geographical expansion in the domestic and international markets. Locally, the Group will spread its footprint in the Southern region of Peninsular Malaysia, pursuing business opportunities in Negeri Sembilan, Melaka and Johor. Beyond Malaysia, Solarvest plans to enter into new markets, namely Vietnam and Taiwan.

Moreover, the Group will channel some of the proceeds to enhance its technical capabilities, which includes acquiring new project machinery and equipment as well as upgrade its information technology (“IT”) software and hardware (RM4.0 million or 11.5%). The remaining of the IPO proceeds will be used for repayment of bank borrowings (RM5.0 million or 14.5%) and listing expenses (RM3.4 million or 9.8%).

The IPO entails a public issue of 98,828,000 new shares in the Group, representing 25.3% of its enlarged share capital at an issue price of RM0.35 per share in the following manner:-

  • 19,531,000 new shares available for the Malaysian public;
  • 19,531,000 new shares available for application by eligible Directors, employees and persons who have contributed to the success of Solarvest;
  • 39,063,000 new shares by way of private placement to Bumiputera investors approved by the Ministry of International Trade and Industry, Malaysia (“MITI”);
  • 20,703,000 new shares by way of private placement to selected investors.

Upon listing on the ACE Market, Solarvest will have market capitalisation of RM136.7 million based on the issue price of RM0.35 and its enlarged share capital of 390.6 million shares.

Pursuant to the launch of Solarvest’s prospectus, applications for the Public Issue are open today and will close on Monday, 11 November 2019 at 5.00 p.m. Solarvest is slated to be listed on the ACE Market of Bursa Securities on Tuesday, 26 November 2019.

M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.

Solarvest is 45.0% owned by Main Market listed, Chin Hin Group Berhad (“Chin Hin”). Upon completion of the IPO, Chin Hin’s shareholding will be approximately 33.6%.

Source: Focus Malaysia

Solarvest solar panel at Jalan Mega, Pahang with 8kW

The Latest Development in Solar Technology and How It Will Change the World

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As we know, solar energy is a renewable energy source that produces clean energy because it doesn’t produce CO2 emissions or other harmful gases. The solar power system has improved leaps and bounds since the beginning.

The latest development in solar technology has placed the industry for growth. Also worth mentioning is the recent development in solar photovoltaics technology, which has contributed to the industry’s success.

In Malaysia, solar power system looks very bright as the Government has implemented a national power generation programme to boost solar energy capacity. The solar industry in Malaysia is used for solar thermal applications and PV technologies.

Solar thermal applications are where heat from solar energy is used for heating purposes, while PV technologies are for electricity generation.

This blog post will give you a good idea on the advances in PV technology.

 

Advances in Solar Technology

Solar Cells

Scientists are always looking for ways to improve the efficiency and cost-effectiveness of solar cells, which are responsible for converting sunlight to electricity. A solar PV array is made up of hundreds or even thousands of solar cells.

The downside of solar cells is that 85% of the sunlight that gets to them does not become electricity. As such, researchers are looking at how to boost the light capture and conversion.

 

Light Sensitive Nanoparticles

Lately, a group of scientists at the University of Toronto developed a new type of light-sensitive nanoparticle called colloidal quantum dots. This new technology is believed to be less expensive and more flexible material for solar cells.

The good news is that these new materials use n-type and p-type semiconductors that can work outdoors, giving a practical application for the solar industry.

Solar panels that have used this new technology could convert 8% more sunlight.

 

Gallium Arsenide

At Imperial College, London, researchers have discovered a new material called gallium arsenide. This new material is believed to make solar PV systems three times more efficient.

The solar cells called “triple junction cells” can be chemically changed in a manner that optimizes sunlight capture, making them much more efficient. Because the model uses a sensor-driven window blind, it is capable of tracking sunlight along with light pipes, guiding the light into the system.

 

Energy Storage

As the solar power systems continue to develop, scientists are paying more attention to finding new ways to store energy produced by solar PV systems.

Today, electricity produced by a solar PV system must be used immediately or be lost.

Although there are several batteries on the market that can store this energy, they are not efficient, plus they are expensive and have a pretty short shelf life. Because of these issues, they are still not a good option for utility companies and consumers.

 

Molten Salt Storage Technology

Novatec Solar is a company that has recently commissioned a promising energy storage solution for solar PV systems using a molten salt storage technology.

The molten salt storage technology uses inorganic salts to transfer energy produced by solar PV systems into solar thermal using heat transfer fluid rather than oils.

There will be many benefits to this new technology once it is finished. The most important one is that the cost to store solar energy will become cheaper and utility companies will be able to use solar power plants as baseload plants.

 

Solar Panel with Built-In Battery

Researchers in the United States Department of Energy have created a battery that is 20% more efficient and 25% cheaper than anything on the market today.

The difference between this battery and the ones on the market is that the rechargeable battery is built into the solar panel itself, as opposed to operating as two standalone systems.

 

Solar Cells Manufacturing

Solar power systems are expensive compared to traditional fuel sources because of the manufacturing process. This is the reason why scientists are focusing on ways to improve the efficiency of how solar components are manufactured.

Magnesium Chloride

Today, 90% of solar panels are made of silicon semiconductors, the key ingredient to converting sunlight into electricity.

The next generation of solar panels will be made of a thin-film technology that uses narrow coatings of magnesium chloride in solar cells. This technology would be cheaper and more efficient to engage in the photovoltaic process.

The good news is, once it is accomplished, the solar companies in Malaysia will be able to use these new technologies to provide customers with clean energy at affordable prices.