Malaysia’s First Online Solar Energy Marketplace BuySolar Launched

Mar 2020

OpenSys (M) Bhd’s unit, OpenSys Technologies Sdn Bhd, a Malaysian open source software solutions focused company has launched BuySolar, the country’s first online marketplace for solar services and products. BuySolar aims to serve as a one-stop solution for buying, installing and servicing of solar panels, to encourage the utilization of renewable Energy (RE) in Malaysia.

Through this online platform, residential customers and commercial business consumers are able to choose solar products according to their preferred financing options. OpenSys Technologies is targeting to achieve 500 users per month, of which about 80% are expected to be domestic residential consumers, while the remaining will be commercial and industrial customers. BuySoIar also promotes the use of emerging technologies such as Internet of Things (IoT), Big Data and eBusiness marketplace in the solar industry, in line with the government’s aims to achieve the 20% renewable Energy (RE) target by 2025.

BuySolar is supported by Sustainable Energy Development Authority (SEDA) Malaysia, along with subsidiaries of Tenaga Nasional Berhad (TNB) – GSPARX, a green Energy solution provider and TNBX, a provider of smart green Energy technologies. Local banks, CIMB Bank Bhd and CIMB Islamic Bank Bhd have been appointed as the platform’s financing partners to provide financing options in the form of green loans. CIMB Group, the holding company of the two banks, has allocated MYR 100 million (USD 22 million) for renewable Energy financing targeting SMEs, offering packages from as low as MYR 20,000 (USD 4,500) to MYR 1 million (USD 226,937) to cover 100% of the cost of acquiring and installing RE technology.

(Sources: DigitalNewsAsia; The Edge Markets)

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