KUALA LUMPUR (Aug 14): Solarvest Holdings Bhd (KL:SLVEST) and NCT Group of Companies have commenced phase one of their solar-ready industrial park project at the NCT Smart Industrial Park (NSIP) in Sepang.

Phase one of the development project will consist of over 270 factories, and it will be the first solar-ready industrial park in the region, the two firms said in a joint statement.

NCT Group, as the developer, will leverage on bulk purchasing of solar systems.

This will result in significant cost savings for factory owners, as it eliminates the complexities of individual solar procurement beforehand, the statement said.

Overall, these 270 factories are expected to install solar photovoltaic (PV) systems with a total capacity of 36 megawatt peak (MWp), which will be able to offset up to an approximate 25,515 tonnes of carbon emission annually.  

“We are confident [that] this approach will significantly accelerate the adoption of solar energy in factories across Malaysia,” said NCT Group founder and group managing director Datuk Seri Yap Ngan Choy.

“As the largest solar developer in Malaysia, Solarvest brings unparalleled bankability, robust financial capabilities and an impressive project track record, making them the ideal partner for the success of NSIP,” Yap said.

Solarvest group chief executive officer (CEO) and executive director Davis Chong said the developer model is a game-changer for the industry.

“By integrating the solar systems into the industrial infrastructure at the development stage, they would be able to reduce Scope 2 emission from the beginning of the supply chain,” Chong said.

“This is an effective strategy to reduce carbon footprints at a larger scale, and it aligns perfectly with our mission in making clean energy solutions reliable, accessible, and affordable for all,” he added.

Upon completion of the development, the installation process of the solar PV system is expected to take approximately six- to eight months for each factory, the statement said.

The project was first mooted with the signing of a memorandum of understanding in 2022 between Solarvest and NCT Land Sdn Bhd, a unit of NCT Group.

At the time, the memorandum underlined plans to develop 1,000 units of solar-ready factories and warehouses at an industrial park, to reduce industrial and commercial carbon footprints. 

NCT Group’s founder Yap is also a major shareholder in the listed company NCT Alliance Bhd (KL:NCT), with 0.78% direct interest and a 51.66% deemed interest in the property group.

Solarvest shares last traded one sen or 0.61% lower at RM1.64 at 2:40pm on Wednesday, giving it a market capitalisation of RM1.15 billion.