Malaysia’s largest solar company, Solarvest Holdings Bhd, plans to more than double its electricity generation capacity over the next two years, driven by declining battery costs that make renewable energy projects more feasible.
Solarvest Holdings Bhd’s shares have risen 27% over the past year, boosted by new projects and expectations that data centres will drive higher power demand.
CEO Davis Chong said rising power demand from AI data centres in Malaysia—projected to need 7.7GW by 2030—offers the company significant growth potential. Solarvest currently operates about 1.2GW of capacity and aims to add another 2GW by next year.
Battery system costs in Malaysia have dropped to US$90–100 per kWh from US$230 per kWh a year ago, with further declines to US$60 per kWh expected, accelerating renewable installations and helping grids integrate intermittent energy.
The company also sees opportunities to expand overseas, particularly in Vietnam and the Philippines, by the end of the decade. Solarvest, co-founded in 2012, is Malaysia’s first listed solar firm. Its shares have risen 27% over the past year amid new projects and growing electricity demand from data centres.
