Solarvest Bags 5 Green Power Agreements Including Bursa Malaysia, Micron Totalling 59.98 MWac

KUALA LUMPUR, Aug 9 (Bernama) -- Solarvest Holdings Bhd has secured five separate Corporate Green Power Agreements (CGPAs) with Bursa Malaysia Bhd, Micron Technology and two global leading semiconductor manufacturers, and a leading global data centre service provider (referred to as corporate consumers) under the Corporate Green Power Programme (CGPP).

In a statement today, Solarvest said these agreements were established through two joint ventures: one between Savelite Engineering Sdn Bhd and TNB Renewables Sdn Bhd, and another solely with TNB Renewables.

Under these CGPAs, Solarvest and partners, as the solar power producers (SPP), will assume ownership and development responsibilities for two solar power plants in Lumut, Perak and Kulim, Kedah.

The signed CGPAs, each with a tenure of 21 years, will strengthen Solarvest’s recurring income stream from the sales of electricity generated by these solar power plants, it added.

Meanwhile, Solarvest said the corporate consumers will collectively offtake a combined electricity capacity of 59.98 megawatts of alternating current (MWac) generated from the solar power plant for 21 years, with a contract for different mechanisms at an agreed pricing.

By participating in the CGPP, corporate consumers can obtain bundled Renewable Energy (RE) Certificates, verifying the electricity origin from RE resources in supporting their sustainability goals and commitments.

Solarvest executive director and group chief executive officer Davis Chong Chun Shiong said the CGPP marked a significant stride towards a more open and competitive energy market in Malaysia as driven by the principle of demand and supply.

The CGPP represents the Malaysian government’s commitment to advancing the nation’s energy transition. Through a CGPA model, the CGPP offers corporations the opportunity to procure virtual renewable electricity, eliminating the necessity to install solar photovoltaic assets on their premises.

-- BERNAMA