Greenrock partners with Solarvest to develop 1GW of green energy projects in Taiwan and Malaysia

Solar VestMalaysian clean energy company has announced a strategic partnership with Taiwanese renewable energy company Greenrock Energy to accelerate the development of green energy solutions in both Taiwan and Malaysia.

Solarvest said in a statement on Monday that the partnership in the region will open up significant growth opportunities for both companies, allowing them to leverage each other’s established markets and expertise to navigate complex conditions in the region.

The partnership marks a milestone for the Taiwanese company’s entry into Malaysia’s renewable energy market, with a target of achieving 1 gigawatt (GW) of renewable energy projects over the next five years.

Through this collaboration, Greenrock Energy expects to leverage Solarvest’s strengths in the Malaysian and Southeast Asian markets to further its regional expansion and drive energy transformation and sustainable development in the region.

Rising demand for renewable energy is encouraging Taiwanese energy companies to expand into international markets, according to the statement.

GreenRock Energy recognises Malaysia’s potential and is in line with the government’s target of achieving 40% green energy by 2035.

Greenrock Energy has become the first Taiwanese company to join the Malaysian government’s green energy project to secure a competitive market advantage.

According to the statement, Malaysia’s energy market is undergoing aggressive transformation to achieve its green energy development goals.

Earlier this year, the government launched the Large Scale Solar 5 (LSS5) programme with a total renewable energy capacity of 2GW, making it the largest solar power project in history.

The initiative complements the National Energy Transformation Policy (NETR), which covers various green energy developments such as energy efficiency, renewable energy zones and green hydrogen, aiming to reduce carbon emissions and achieve a low-carbon nation by 2040.

To further support the country’s ambitions to become a regional renewable energy hub, the government also plans to introduce a Third Party Access (TPA) mechanism and set up a Renewable Energy Trading Centre.

These efforts will enable the export of renewable energy across borders and accelerate the energy transition in Southeast Asia.

Greenrock Energy’s decision to participate in a large-scale solar power project in Malaysia demonstrates its ambition to expand into international markets and its strong capabilities in the renewable energy sector.

While the region’s green energy policies are complex and competitive, GreenRock is confident that its collaboration with Solarvest will enable it to overcome these challenges by combining the expertise and technological advantages of both companies.

Greenrock Energy sees Malaysia as a strategic gateway to expand its green energy footprint across Southeast Asia.

Recognizing the Malaysian government’s supportive policies and the growing demand for renewable energy in the region, the company will leverage its partnerships with local companies and governments to strengthen local technical and project management capabilities.

Greenrock Energy is also optimistic about Malaysia’s green energy prospects and is committed to “leading the energy revolution to create a low-carbon future”.

Solarvest is Malaysia’s largest publicly listed solar power company by market capitalization.

As of March 2024, the company has achieved 1.2GW of project performance across the region, with 440 megawatts (MW) of projects under construction and 348 MW of solar photovoltaic assets.

Solarvest offers comprehensive services including solar power development, design, application, construction, operation, maintenance and asset management.

In addition to Malaysia, the company is actively developing renewable energy businesses in six Asian countries: Taiwan, Singapore, the Philippines, Vietnam, Thailand and Indonesia.

In Taiwan specifically, Solarvest is working with GreenRock Energy on large-scale agricultural and hydropower projects, targeting a total of 500 MW of projects.

Malaysia’s Gentari has appointed Solarvest to install solar power systems at more than 300 Petronas power stations across Malaysia.

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