KUALA LUMPUR (Sept 25): Solarvest Holdings Bhd said it has secured rooftop solar installation projects totalling 12.8 megawatt peak (MWp) in Vietnam, with another 100MWp being tendered in the country.

The group is also exploring wind energy projects to grab opportunities in the country, as well as to venture into battery storage to enhance the efficiency of its renewable energy projects there, it said in a statement on Monday.

The announcement follows Solarvest’s recent wins in Singapore and Brunei totalling 4MWp of rooftop solar projects in July. It is also exploring works in Taiwan.

The company’s overseas projects tender book currently stands at 620MWp, said executive director and group chief executive officer Davis Chong Chun Shiong.  

“We are delighted with the progress of our overseas expansion efforts, which is well-aligned with our five-year strategic roadmap.

“The prospects in Vietnam’s clean energy market are highly promising, with its commitment to transition away from coal as outlined in the Vietnam Eight National Power Development Plan (PDP8),” Chong said.

He said the Vietnamese government has introduced mechanisms to incentivise the development of rooftop solar power systems, with a vision of equipping half of the country’s office and residential buildings with rooftop solar panels by 2030.

Under the PDP8 approved in May this year, Vietnam’s 2030 solar capacity target has been set at 12.84 gigawatt or 8.5% of total energy capacity target, according to reports.

Among mechanisms proposed by Vietnam’s trade ministry in June include providing unlimited rooftop solar capacity, as well as tax exemptions.

“As part of our strategic expansion plan, we are advancing across the value chain as a comprehensive clean energy developer for our overseas projects.

“Given the focus on solar and wind energy within PDP8, where solar and wind energy are projected to account for approximately 34% and 27% respectively of the 500GW installed capacity, we are actively exploring wind energy projects alongside our ongoing solar ventures in Vietnam,” Chong said.

At home, Solarvest is also developing three large scale solar (LSS) projects that it owns, with a total combined capacity of 50MW.

Shares of Solarvest traded unchanged at RM1.33 at noon break on Monday, giving it a market capitalisation of RM888 million. The counter has risen by 55.56% this year.