KUALA LUMPUR (Aug 11): Solarvest Holdings Bhd has set up a new wholly owned subsidiary, Solarvest (Taiwan) Corp Ltd (STCL), to explore clean energy project opportunities in Taiwan.
In a statement on Friday (Aug 11), Solarvest said it had an active pipeline of projects in the republic, supported by 200 megawatt peak (MWp) of clean energy project opportunities.
“The establishment of STCL further solidifies its foothold in Taiwan, and opens up opportunities for ventures into other renewable energy sources, such as wind energy, throughout the country,” the group noted, following its previous collaboration with Taiwan-listed solar investor and contractor company Hsinjing Holding Corp Ltd to develop solar projects.
Solarvest executive director and group chief executive officer Davis Chong Chun Shiong said: “Taiwan presents a promising landscape for Solarvest's expansion, driven by its ambition to achieve 30 gigawatt (GW) of solar energy by 2030, and 20.7GW of wind energy by 2035.”
He added: “Currently, Taiwan's solar energy generation stands at around 11GW, while wind energy production is at 6GW, revealing tremendous potential for our group to further advance Taiwan's renewable energy ambitions.”
Chong highlighted that Solarvest is transforming into a holistic clean energy developer by actively participating as an asset owner or co-developer in overseas projects.
“In tandem with the group’s five-year strategic roadmap, we are also exploring other clean energy sources, particularly in the development of wind energy projects, alongside our focus on solar projects in Taiwan.”
Solarvest owns several renewable energy generation plants, with a cumulative capacity of approximately 100 MWp across Asia-Pacific. It reportedly has a proven track record with a clean energy capacity of 1GW for both completed and ongoing projects, which is set to be bolstered by a tender book of approximately 2.5GW.
The group has participated in the installation of large-scale solar (LSS) plants, including the 50MW LSS farm for TNB Engineering Corp Sdn Bhd.
At the time of writing on Friday, Solarvest shares had fallen two sen or 1.49% to RM1.32, valuing the group at RM881.36 million.