Solarvest, Malaysia’s largest publicly listed solar company by market value, is partnering with Taiwanese renewable energy firm GreenRock Energy to drive green energy advancements in Taiwan and Malaysia. The partners aim to develop 1 GW of renewable energy projects over the next five years.
This strategic partnership supports Malaysia’s ambition to achieve 40% green energy by 2035. Taiwan’s expanding renewable energy sector, driven by increasing demand, has led GreenRock Energy to enter the Malaysian market, becoming the first Taiwanese company to engage in Malaysian government green energy initiatives. As of March 2024, Solarvest has finalized 1.2 GW of regional projects, with 440 MW currently in progress and 348 MW in solar assets. Beyond Malaysia, Solarvest has expanded its renewable energy ventures across six additional Asian countries, including Taiwan, Singapore, the Philippines, Vietnam, Thailand, and Indonesia.
In line with its green energy goals, Malaysia is making significant strides in transforming its energy market. The launch of the Fifth Large-Scale Solar program, the country’s largest to date with a 2 GW capacity, complements the National Energy Transformation Policy (NETR). The NETR encompasses various green energy strategies, including energy efficiency, renewable energy zones, and green hydrogen, aimed at reducing carbon emissions and establishing Malaysia as a low-carbon nation by 2040. Additionally, the government plans to implement a third-party access (TPA) mechanism and create a renewable energy trading center to facilitate cross-border renewable energy exports and expedite Southeast Asia’s energy transition.
(Sources: Solarvest; The Edge Malaysia)
