Malaysian green energy company Solarvest is partnering with Taiwanese renewable energy player GreenRock Energy to accelerate the development of green energy solutions in both Taiwan and Malaysia.
The companies aim to achieve 1 GW of renewable energy projects in the next five years.
The regional partnership unlocks substantial growth opportunities for both companies, enabling them to tap into each other’s established markets and expertise and navigate the complexities in the region, Solarvest says.
GreenRock is aiming to advance its regional expansion by leveraging Solarvest’s strengths in Malaysia and the Southeast Asia market in order to participate in the region’s energy transformation and sustainable development. The company sees Malaysia as a strategic gateway to expanding its green energy footprint across Southeast Asia. Recognizing Malaysia’s supportive government policies and the region’s growing demand for renewable energy, GreenRock is looking to leverage its collaborations with local companies and governments to strengthen its regional technical and project management capabilities.
The heightened demand for renewable energy has prompted Taiwan energy companies to expand their operations into international markets. “GreenRock Energy recognizes Malaysia’s potential, aligning with the government’s goal of reaching 40% green energy by 2035,” Solarvest states. “To secure a competitive market advantage, GreenRock Energy has now become the first Taiwanese company to participate in Malaysian government green energy projects.”
Malaysia is seeking to transform its energy market as it aims to achieve major green energy development goals. Earlier this year, the government launched the LSS5 large-scale solar program with a total of 2 GW renewable energy capacity, marking the largest solar program in the country's history. This initiative complements the National Energy Transformation Policy (NETR), which encompasses a variety of green energy development measures such as energy efficiency, renewable energy zones, and green hydrogen, all aimed at reducing carbon emissions and making Malaysia a low-carbon nation by 2040.
The government also plans to adopt a third party access (TPA) mechanism and establish a renewable energy trading center. These initiatives are aimed at facilitating the export of cross-border renewable energy and accelerating the energy transition in Southeast Asia.
Despite the complexity and intense competition of local green energy policies, GreenRock is confident that its collaboration with Solarvest will overcome these challenges through their combined expertise and technological advantages.
Solarvest is Malaysia’s largest publicly listed solar company by its market value. As of March 2024, Solarvest had achieved 1.2 GW of regional projects, with 440 MW of projects under construction and 348 MW of solar assets.
Solarvest provides comprehensive services, including solar development, design, applications, construction, operation, maintenance, and asset management. In addition to Malaysia, Solarvest has actively developed renewable energy businesses in six other Asian territories, including Taiwan, Singapore, the Philippines, Vietnam, Thailand, and Indonesia.
In Taiwan specifically, Solarvest is collaborating with GreenRock on large-scale agrivoltaic and aquavoltaic projects, targeting a total of 500 MW projects.
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