KUALA LUMPUR, Solarvest Holdings Bhd has partnered with Canadian investment firm Brookfield to roll out 1.5 gigawatts (GW) of renewable energy projects in Malaysia over the next three to five years.
The projects will include large-scale hybrid solar plants and battery energy storage systems, according to Solarvest executive director and CEO Davis Chong Chun Shiong. He noted that groundwork, such as securing land and exploring offtakers, is already in progress.
Under a joint investment framework signed on Monday, Solarvest and Brookfield CTF Asia Holdings Pte Ltd will form special-purpose vehicles for each project, with Solarvest holding 51% and Brookfield 49%. Solarvest will focus on project development and deployment, while Brookfield will secure offtakers and assist in financing.
The partnership aims to participate in the Corporate Renewable Energy Supply Scheme (CRESS), which allows businesses to purchase renewable energy directly from producers via the national grid. Funding will be arranged project by project through a mix of borrowings, internal funds, sukuk issuance, or cash calls, said chief financial officer Liew Kong Fatt.
Solarvest group vice-president Jack Tan estimated the market cost at around RM3.5 million per megawatt of capacity. Chief investment officer Daniel Ruppert added that the tie-up with Brookfield not only provides access to capital but also to global corporate offtakers. Brookfield operates one of the world’s largest renewable and transition energy portfolios, with more than 270GW in operation and development.
Trading in Solarvest shares was suspended pending the announcement. The stock last closed at RM2.72 on Sept 19, valuing the company at RM2.23 billion.
