Saturday 13 Apr 2024
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KUALA LUMPUR (July 28): Renewable energy (RE) solutions provider Solarvest Holdings Bhd has welcomed the government's decision to launch the National Energy Transition Roadmap (NETR) as it marked an important milestone in the country’s journey towards achieving its RE target.

Solarvest executive director and group chief executive officer Davis Chong Chun Shiong said NETR demonstrates a clear and promising direction for the country's energy future, which focusing on six energy transition levers, namely energy efficiency (EE), RE, hydrogen, bioenergy, green mobility, as well as carbon capture, utilisation and storage (CCUS).

“This opens up investment of more than RM25 billion with 23,000 job creation opportunities, reflecting the government's efforts in collaborating with government-linked companies (GLCs) to take a proactive approach in exploring pilot energy transition mechanisms and taking early risks in the pursuit of sustainable energy solutions,” he said.

Chong, who is also the president of the Malaysian Photovoltaic Industry Association (MPIA), lauds the government’s decision to scale up the installation of solar systems in government buildings and the development of green townships.

“Solar energy is one of the most viable RE in Malaysia that could contribute to flagship catalyst projects of Renewable Energy Zone (RE Zone),” he said.

According to him, the integrated RE Zone will not only induce growth in the solar energy sector but also pave the way for third party access (TPA) policy and mechanism, promoting energy liberalisation, while creating an open and competitive market for energy players.

Chong is also looking forward to the development of utility-scale energy storage systems (ESS), which will accelerate RE transition through private sector investment while enhancing grid stability and reliability.

"Furthermore, the forthcoming Energy Efficiency and Conservation Act (EECA) is set to play a crucial role in regulating energy-intensive users, buildings, and products, further bolstering Malaysia's journey towards a greener and more energy-efficient nation," he noted.

Meanwhile, the Sarawak Hydrogen Hub initiative is poised well for Solarvest as the group recently launched its testbed in the Centre for Technology Excellence Sarawak (Centexs).

"Green hydrogen, produced through electrolysis using electricity from solar energy, represents a transformative opportunity due to its lower production costs. With continuous improvements and the cost-effectiveness of solar energy, hydrogen can emerge as a competitive energy source in the future.

"Moreover, green hydrogen plays a vital role in RE integration by harnessing excess solar energy for production, enhancing grid integration of renewable sources, and acting as a balancing mechanism to add flexibility and stability to the overall energy system," he explained.

On green mobility, Chong said that the ecosystem presents exciting prospects, especially with the government's plans to install 10,000 electric vehicle (EV) charging stations along highways and selected commercial buildings, as well as solar PV installations for rail operations.

"At Solarvest, we are actively exploring vehicle-to-grid (V2G) technology, aiming to turn electric vehicles (EVs) into mobile batteries that efficiently charge and discharge electricity," he said.

Meanwhile, Chong expressed his excitement for the government decision to allow cross-border RE trade through the establishment of an electricity exchange system.

"This is a move that builds upon Malaysia’s Asean Power Grid (APG) initiative and its participation in the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP). This positions Malaysia as a regional hub for RE, advancing cross-border power trade among Asean member states," he said.

As such, Chong said that the group eagerly anticipates the government's selection of private sector players to actively contribute to all energy transition initiatives outlined in the NETR, along with the timeline for commencing and completing these projects.

"Together, these efforts will lead to the successful realisation of Malaysia's transition towards a low-carbon economy," he added.
 

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